Ex-soviet state Latvia - which became a fully-fledged member of the euro zone on Wednesday - has hit back at claims that it could become a haven for "dirty money".
Latvia's regulator, the Financial and Capital Market Commission (FCMC), moved to alleviate any concerns over the country's banking sector and downplayed a decision by JPMorgan to stop clearing U.S.-dollar transfers for the nation's lenders.
"JPMorgan's decision to reduce the amount of operations is due to the U.S. bank's strategy shift in the interbank market in the world. It is not connected with Latvia or Latvian banking sector," the organization said in a press release on Wednesday. JPMorgan was not immediately available for comment when contacted by CNBC.
(Read More: Latvia to join euro zone: what you should know)
Martins Bicevskis, the president of the Association of Latvian Commercial Banks added his voice to the response declaring that anti-money laundering and terrorism financing is the same for all EU member states.
"Any speculations regarding the amounts of 'dirty money' that could increase with Latvia joining (the) euro zone is not only unjustified, but also is in sharp contrast with the existing supervision of financial system," he said in the same press release.