Featured Latvia

EU heavyweight states push for joint supervisor against money laundering

The European Union’s largest states are pushing for the establishment of a new supervisory authority that would take over from states the oversight of money laundering at financial firms, after a series of scandals at the bloc’s banks. In a joint statement, Germany, France, Italy, Spain, the Netherlands and Latvia… Read More

Head of Ukrainian ex-president Yanukovich’s administration and his sister co-owned Trasta Komercbanka through proxy

Serhiy Lovochkin, who used to head the administration of former Ukrainian president Viktor Yanukovich, and his sister Yulia Lovochkina, co-owned Latvia’s Trasta Banka through a proxy, according to a report published by the Organized Crime and Corruption Reporting Project (OCCRP). UK citizen Charles Treherne held just under ten percent in… Read More

Latvian bank Trasta wins closure review in EU court ruling

Latvia’s Trasta Komercbanka has succeeded in getting a review of the withdrawal of its banking licence after the European Court of Justice overturned a lower European Union court’s rulings, ordering it to check the process was done correctly. The European Central Bank (ECB), which assumed responsibility for euro area bank… Read More
7th November 2019
The Latvian government on November 5 supported a Justice Ministry plan to establish a specialized economic affairs court that will start operating as of January 1, 2021. However, Interior Minister Sandis Ģirģens (KPV LV) spoke against the legislative amendments and minister also called for an audit of the judicial sector before… Read More
5th November 2019
Latvia’s central bank chief, who led the former Soviet republic into the euro, appeared in court on Monday accused of bribery in the first corruption trial of a European Central Bank governor. Latvia’s public prosecutor has accused Ilmars Rimsevics, 54, of accepting the offer of a 500,000-euro bribe and taking… Read More
5th November 2019
Financial watchdogs in the USA, Sweden and Estonia have initiated a wide-ranging investigation into the operations of Swedbank, the largest financial institution in the Baltic states, reported LTV’s De Facto investigative show November 3. Investigations involve examining several suspicious transactions over a period of several years. However, Latvian regulators have no plans on… Read More
10th October 2019
The International Monetary Fund (IMF) is asked to conduct an independent evaluation of money laundering prevention in the Nordic and Baltic region, a member of the Bank of Lithuania’s board said Wednesday. “A regional monetary prevention evaluation will be performed,” Marius Jurgilas told members of the Seimas Committee on Budget… Read More
24th September 2019
As European Union (EU), US and international institutions continue to scrutinize Latvia as a past nexus of money laundering, the Latvian government under Prime Minister Krišjānis Kariņš has issued a report saying it has closed down 17,600 shell companies and taken other measures to reduce the possibility to use the… Read More
23rd September 2019
Latvia’s appointment of a banker to supervise the sector is threatening a conflict of interest, Transparency International said on Friday, following a series of financial scandals in the Baltic state. Government officials this week announced that they had chosen Santa Purgaile, a board member with Citadele Bank CBLBR.RI, Latvia’s fourth-largest… Read More
19th September 2019
Latvia’s financial watchdog said on Wednesday it had fined PrivatBank, the country’s 12th-biggest bank, 1 million euros ($1.1 million) for insufficient money-laundering controls. The Financial and Capital Market Commission (FCMC) said in an emailed statement it had found a number of “serious faults in the internal control system in the… Read More
13th September 2019
A Latvian court declared the country’s sixth-biggest lender insolvent, sealing the demise of the last bank to level accusations in a high-level corruption scandal. The decision, which Latvia’s Financial and Capital Market Commission said was taken on Thursday, comes almost a month after AS PNB Banka became one of only… Read More
6th September 2019
Ever since the 2008 financial crisis, US financial misconduct fines have led the world.  However, defenders of Europe’s more collegiate approach to tackling banks’ money-laundering shortcomings say US banks also lead the world for de-risking, shunning some of the globe’s poorest countries from access to the dollar system. … Read More
5th September 2019
A work group has been set up of 25 countries to analyze participation of the to-be-liquidated ABLV Bank in possible money laundering schemes, said the Financial Intelligence Unit’s head Ilze Znotina. She said that work on inspecting the list of ABLV Bank’s creditors is very successful. “We have received all… Read More