Latvia Banking & Financial Services Q4 2019
Latvia's financial services industry is marginal by EU and even Nordic region standards, though it has potential to growfrom a low base. The banking sector has been rocked by a series of money laundering scandals in recent years, prompting a majorcrackdown on offshore banking activities, which is evident from recent government policies, and should support stability in the longterm. Despite reputational damage, an improved macroeconomic backdrop, deeper integration with other Baltic states andenhanced regulatory capabilities should provide a platform for growth over the forecast period.
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