Monday, January 11, 2010

Latvia Cracks Down On Cash

As part of the reforms demanded by the IMF loan package, tough new amendments to the Latvian Law on Credit Institutions are being considered, which stipulate that commercial banks will have to report to the State Revenue Service all cash deposits into bank accounts that exceed LVL 10,000 per month, or a single cash deposit greater than LVL 1,000. Janis Jamaksa, spokesman for the government, said this measure is being led by anti corruption efforts. “We are serious about removing loopholes, and this legislation proves it. No one is above the law.” he said. “Everyone will have to report these deposits, except politicians, the traffic police, civil servants, and any business person who knows politicians, traffic police or civil servants – as well as employees of the state revenue service. Oh, and construction companies involved with the national library project. Or the southern bridge.”
Jamaksa described the procedure saying, “Starting now, everyone can expect the full wrath of the law to rain down on their corrupted money laundering, tax evading heads - unless they are exempted of course.” Asked who the main (non exempt) targets are, Jamaksa said, “we’re targeting those who think they are above the law. Theirs is a motley group, and includes pensioners, children below the age of 12, clergymen, house pets, and employees of the IMF.”

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