RIGA - During the state of emergency which had been declared in Latvia due to the Covid-19 pandemic, there was no inflow of undeclared cash into Latvia, Ilze Znotina, chief of the Financial Intelligence Unit (FIU) of Latvia, said today in an interview to Latvian Television.
The FIU chief indicated that large amounts of undeclared cash is smuggled into Latvia each year. According to the FIU's estimates, around EUR 400 million worth of cash is brought illegally into Latvia a year.
"When the borders were closed, suddenly it turned out that the estimated EUR 400 million that were brought into Latvia each year could not be brought here anymore. Suddenly, we saw a positive or at least neutral cash circulation trend," Znotina said.
Znotina said that this is a very interesting trend which the FIU is still analyzing. "A very interesting trend, we are still analyzing it, but it suggests of a necessity to increase border controls," the FIU chief said.