For Lithuania, the journey from laggard to leader in anti-money laundering (AML) began in July 2019. At the time, a toxic pall lay over the Baltic banking sector. That banks in Latvia and Estonia were conduits for dirty money had been an open secret for decades.
A few months earlier, Thomas Borgen, chief executive of Danske Bank, quit in the wake of a €200 billion money laundering scandal linked to the Danish lender’s Estonian operations.
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