Latvia Steps Up Efforts to Rid Banks of Questionable Cash

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Latvia’s plans to kick out risky cash from its scandal-plagued banks are about to accelerate.

Deposits from people outside the European Union will fall by half over the next three months, Peters Putnins, chairman of Financial Capital Market Commission, said in an interview in Riga. The share will drop to about 5 percent by the start of 2019 from almost a fifth now. Total deposits in the financial system were about 17.6 billion euros ($20.7 billion) on June 7.

The Baltic country, plagued by money-laundering investigations and a corruption probe into its central bank governor, is facing increased pressure from the U.S. A top Treasury official made an surprise visit to Latvia last week after saying several banks pose potential risks to the international financial system.

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