Featured Latvia

Russian charged in Pittsburgh with laundering money for international cybercriminals

A Russian national described by the FBI as a “significant cybercriminal” has been charged in Pittsburgh with laundering money for other cybercriminals, joining five Latvians indicted here in January on similar charges. An FBI complaint was unsealed Monday against Maksim Boiko, 29, known as “gangass” in the cyberworld, after agents… Read More

Coronavirus Prompts Swedish Regulator to Delay Decision on SEB Probe

Sweden’s financial supervisory authority has delayed the conclusion of an anti-money laundering assessment of Skandinaviska Enskilda Banken AB due to the coronavirus pandemic. The assessment of the Swedish bank was expected to conclude in April, but the Swedish FSA, known as the Finansinspektionen, said Wednesday that it was now… Read More

Swedbank pulls ex-CEO’s golden parachute over money-laundering crisis

Swedbank (SWEDa.ST) has canceled the severance pay of former CEO Birgitte Bonnesen on Monday after a report by its law firm said she failed to address deficiencies in the bank’s anti-money laundering controls during her years at the helm. Shares in Sweden’s oldest retail bank lost a third of… Read More
24th March 2020
Swedbank AB on Monday published a third-party report outlining more than a decade of compliance missteps that led to the Swedish institution’s processing of some $40 billion in transactions deemed to pose a “high risk” of money laundering. The 218-page report by law firm Clifford Chance concluded that, while Swedbank… Read More
10th March 2020
Latvian State Police said March 9 they have seized half a million dollars in assets linked to the notorious and complex Russian money-laundering operation that caused the death of lawyer Sergei Magnitsky. “In February of this year, the Economic Crime Bureau of the State Police’s Main Criminal Police Office seized… Read More
4th February 2020
In the criminal case on laundering EUR 50 million in the to-be-liquidated ABLV Bank, a procedure has been launched also against the bank’s shareholder and former board chairman Ernests Bernis, according to Latvian public television’s morning news program De Facto. Bernis told law enforcement institutions that he knows nothing about… Read More
31st January 2020
A court has ordered the detention of Andris Ovsjaņņikovs, a former ABLV Bank private banker in connection with an ongoing €50 million money laundering investigation, reports Latvian Radio. On Thursday, January 30, Ovsjaņņikovs was taken to court after prosecutors in the case requested that he be held in custody while investigations continue. Read More
30th January 2020
Police have conducted investigations at various Latvian banks associated with the non-resident banking sector, according to unofficial information reported by Latvian Television (LTV) January 29. According to LTV, the investigations took place yesterday but are not linked to the ABLV bank case which seized the headlines. Subsequently, LTV reported that the banks involved… Read More
29th January 2020
Latvia’s dedicated anti-corruption force was in action January 28 with Latvian Television reporting a raid on the offices of ABLV bank, which is currently in liquidation. According to LTV, law enforcement agencies including the Corruption Prevention and Combatting Bureau (KNAB) are conducting searches at the ABLV Bank building in Rīga in connection… Read More
27th January 2020
Her website once described her as a “poet, mezzo-soprano, designer and exotic Uzbekistan beauty”. Or, as more critical voices have put it, a “robber baron” who purloined hundreds of millions of pounds in bribes. Now another facet of Gulnara Karimova has come to light: former neighbour of Sir Bruce Forsyth. Read More
23rd January 2020
A year-long crackdown on Latvian banks’ reputation for money laundering and sanctions dodging appeared to have paid dividends January 22 with official recognition of its success from an important international organization. The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism – MONEYVAL is a… Read More
16th January 2020
Officials in the United Kingdom and bankers throughout Scandinavia turned a blind eye to the influx of illicit Russian funds linked to Europe’s biggest money laundering scandals, according to a British financier and anti-corruption activist. In a recent interview for KYC360’s AML Talk Show, Bill Browder spoke to host… Read More
31st December 2019
The Office of Foreign Assets Control (OFAC) removed its sanctions that had been imposed on the Ventspils Freeport Authority after Ventspils mayor Aivars Lembergs (For Latvia and Ventspils) resigned from the the Ventspils Freeport Authority and the Latvian government took measures effectively ending Lembergs’ control of the port, it follows… Read More