01/01/2007

Former USSR Baltic countries wishing to quickly join the European Union lacked a state-controlled structure, unlike other new entrants to the EU.

The Baltic countries completely opened up to financial and commercial flows from abroad. They needed some time to establish a stable currency, an independent central bank, a reliable executive power and an efficient legal and police system. This latent period inevitably facilitated corruption and money laundering. Joining the EU encouraged transparency. Faced with these threats, strong pressure was put on the Baltic countries to adopt the international standards for combating and preventing money laundering. In fact, since 2005, Latvia has set up financial information services to satisfy the requirements of Brussels.

The opening of accounts was therefore suspended in order to actively check pre-existing accounts. After the several months of waiting required for this verification, our Latvian partner is resuming the opening of accounts for non-residents. Its thoroughness and reliability prevented it from being implicated in fraudulent affairs.

In this context of application of European directives, control procedures have been reinforced. It is now more difficult for a foreigner to open an account in Latvia without travelling. However, FBS Banking offers you a quick, easy and high quality banking introduction service with our Riga partner. Therefore, you will always benefit from the utmost confidentiality, services equivalent to the major Western banks and the relatively low operating charges of one of the best banks in Latvia.