Featured Latvia

Latvian financial regulator publishes due diligence guidelines for banks

Latvia’s financial regulator the Financial and Capital Markets Commission (FKTK) on August 25 published a list of recommendations for banks and other financial institutions aimed at producing improvements in the areas of internal control and customer due diligence, which have repeatedly proven to be weaknesses in the past. The recommendations… Read More

Latvia and Estonia to introduce individual sanctions against Belarusian officials

In a statement today, the Ministry of Foreign Affairs of Latvia and Ministry of Foreign Affairs of Estonia once again expressed their deepest concerns about the presidential election in Belarus, the result of which has not been recognized by the Belarusian society, and are urging for a peaceful and lawful… Read More

Tax Rules for the Super-Rich Make the Isle of Man a Haven for Private Jets

OCCRP – Oleg Tinkov is a self-made Russian billionaire with a penchant for private jets and luxury homes around the globe that bear his name, just like the online bank he founded. For years, Tinkov flaunted this lavish lifestyle on social media. In February, his family flew a $58-million… Read More
17th July 2020
The Board of the Financial and Capital Market Commission (FKTK) on July 14 2020 decided to apply a fine of EUR 906,610 euros to Signet Bank for breaches of the anti-money laundering and counter terrorism and proliferation financing (AML) regulatory requirements, FKTK said in a news release July 16. Signet… Read More
1st July 2020
When customs agents in Riga followed a tip and searched passengers arriving on a private jet from Ukraine last year, they hit the jackpot. Luggage belonging to the four travelers contained about $1 million in U.S. and European banknotes. The contraband was seized. Latvia, a European Union and euro-area… Read More
23rd June 2020
A total of 374,882,245 euros, including cash, financial instruments and real estate have been arrested in the criminal procedures into ABLV Bank investigated by the Economic Crime Control Department (ENAP) of the State Police, the LETA newswire reported June 19, citing police as the source. The police noted that on… Read More
16th June 2020
On Saturday, June 13, one of the largest law enforcement searches in Latvia’s history took place in ABLV Bank-related addresses, Latvian Television reported on June 13. Searches and procedural activities were carried out at 45 bank-related addresses. Around 300 law enforcement officials participated. The searches took place within the framework… Read More
4th June 2020
The prosecutor’s office has sent the large-scale money-laundering case of entrepreneur Tiiu Jarviste and her two fellow accused to court, Postimees reports. About to face trial in addition to Jarviste, 56, are also Aleksei Dremov, 40, and Andrii Danchak, 37 — the latter is the only one of the three… Read More
22nd May 2020
A plan to boost European Union powers to curb the flow of dirty money through banks faced resistance at an EU meeting from member states recently hit by major money-laundering and financial fraud scandals, three officials told Reuters. The EU is discussing how to strengthen its scrutiny of the financial… Read More
15th May 2020
Several former employees of Swedbank AB were charged by authorities in Latvia with money laundering after its branch there reported suspicious transactions involving large sums of cash as recently as 2017. Latvian prosecutors filed allegations against 11 people, including ex-employees of Swedbank’s local unit, earlier this year, Laura Majevska,… Read More
4th May 2020
The Financial and Capital Market Commission (hereinafter – the FCMC) and the Joint Stock Company “Citadele banka” (hereinafter – the Bank) have entered into an administrative agreement regarding the inspection of the Bank’s activities carried out by the FCMC in 2018, reaching an agreement by both parties on taking the… Read More
23rd April 2020
The Corruption Prevention Bureau (KNAB) has opened an inquiry over a report by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) that Ventspils Mayor Aivars Lembergs (For Latvia and Ventspils) has leveraged and corrupted officials in Latvia, LETA was told at KNAB. At the beginning of February, KNAB… Read More
21st April 2020
Three companies established by the Latvian Football Federation, as well as the organization itself, have been deemed suspects in the criminal process initiated by the State Revenue Service’s Tax and Customs Police, TV3 reported April 18, according to the LETA newswire. The three companies are Latvijas Futbola Agentura, Latvija Futbola… Read More