European countries have failed to address financial crime and it is time to take action, the Latvian finance minister told CNBC Wednesday.
The Latvian ABLV, the Danish Danske Bank and the Dutch ING have all recently been involved in scandals over money laundering and financial crime. Dana Reizniece-Ozola, finance minister of Latvia said that these cases have "opened a Pandora's box" and asked banks do to more to prevent such situations.
"Countries in the European Union have been oblivious in fighting financial crime," the finance minister told CNBC's "Squawk Box Europe."
"Something has to be done, not only at the national level but also at the European level, like probably strengthening the EBA (European Banking Authority)," she suggested.