Kenneth Rijock

Kenneth Rijock

Tuesday, December 30, 2014

WATCH FOR LAUNDERED FUNDS COMING FROM NEW EUROZONE MEMBER, LITHUANIA


On the first day of January, 2015, which is Thursday, Lithuania will become the newest member of the Eurozone. You are reminded that, in the past, when an EU member has been granted Eurozone entry, the physical process of conversion of local currency into the Euro has been accompanied by little, if any, inquires into exactly how the holders acquired the money which is sought to be converted.

As a consequence, when a nation is in the Eurozone process, criminal proceeds from other jurisdictions is often moved into the economy of future Eurozone member, to capitalize upon the lack of supervision, when the currency conversion occurs at a future date. This occurs due to the large volume of currency that must be immediately converted, as well as political pressure to avoid interrogating the local population about the Source of funds on their cash.

Therefore, after January 1st, look carefully at any large funds transfer from Lithuania, into your bank, for it may be now-laundered criminal funds that have been through the above-mentioned wash-dry-fold cycle, taking advantage of the country's entry into the Eurozone.

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