Featured Latvia

Suitcases of Cash Halted by Virus in EU Money-Laundering Hotspot

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

Latest ABLV investigation involves nearly 400,000 euros

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

Major police search carried out at ABLV bank in Latvia

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
10th April 2020
Criminal proceedings have been brought against a group of persons who are accused of attempting to legalize more than seven million euros of illicit funds using several companies and shady transactions, according to the State Revenue Service (VID) on April 9. The proceedings include a pre-trial investigation of the… Read More
31st March 2020
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
26th March 2020
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
24th March 2020
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