Foreign Investors’ Council in Latvia (FICIL) is seriously concerned regarding the negative consequences for Latvia caused by allegations of corruption against Latvia’s central bank governor and accusations of money laundering against Latvia’s third biggest bank. This situation creates a serious reputation damage for the country and if not addressed properly endangers both, existing and new investment.

Combating all forms of economic crime – corruption, bribery, tax evasion, abuse of insolvency process, money laundering and others – has been in FICIL’s focus already for several years. It is important because the consequences of economic crimes go far beyond financial losses and economic well-being of society and business – it undermines good governance, fairness, democratic institutions and moral foundations of society.

In the current situation, Latvia’s reputation needs to be recovered as soon as possible. The only way forward is to ensure efficient and timely investigation and prosecution by the law enforcement authorities and to maintain clear and pro-active communication with all national and international partners and wider society. This would be the most efficient way to end the speculations undermining the financial sector and damaging Latvia’s reputation.

 

Marta Jaksona | Executive Director | Foreign Investors’ Council in Latvia