Featured Latvia

Latvian Court Declares PNB Bank Insolvent After ECB Suspension

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

Money-laundering scandals spark new risk retrenchment

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

25 countries have formed work group to analyze ABLV Bank’s participation in possible money laundering schemes – Znotina

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
2nd September 2019
Latvia has submitted a technical report on implementation of recommendations from the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (Moneyval), demonstrating significant changes in the financial sector. The State Chancellery reported that Latvian has sumbited a progress report on… Read More
16th August 2019
The Latvian lender which accused the country’s central bank head of corruption is failing and will be shut down, European banking authorities said on Thursday. PNB Banka, one of the smallest lenders under ECB supervision with just 550 million euros of assets, has seen “significant deterioration in its capital situation… Read More
13th August 2019
Latvia’s financial regulator, the Financial and Capital Markets Commission (FKTK) on August 12 said it had deleted the register entries of two firms dealing with electronic money transfers. The firms, called ‘Complete Payment Systems’ and ‘Money Express’ have had their entries in the credit register of payment institutions annulled, suspending their provision of… Read More
12th August 2019
Estonian prosecutors said on Friday that last month they had ordered a local court to seize around 2 million euros ($2.24 million) from a bank account belonging to a former Danske Bank employee as part of an investigation into alleged money laundering. The money was sitting in a Latvian bank… Read More
18th July 2019
One was a dodgy investment adviser who used a pyramid scheme to bilk unsuspecting Russians out of $10 million. Another was a Taiwanese businessman who was secretly helping North Korea buy precision tools for its nuclear weapons program. Yet another was a corrupt Ukrainian politician spiriting millions of… Read More
16th July 2019
Latvia’s financial watchdog has fined Rigensis Bank, the Baltic country’s 11th biggest bank by assets, 1 million euros ($1.1 million) for lax anti-money laundering controls, it said on Monday. The Financial and Capital Market Commission (FCMC) said in a statement the fine was “for infringements of regulatory requirements regarding the… Read More
15th July 2019
After a U.S. money-laundering probe rocked Latvia’s economy, sending one of its largest banks belly up, the Baltic nation’s U.S.-born leader is trying to convince Washington and business leaders that he’s cleaning up his country’s financial system for good. In meetings this week with top investors and U.S. policy makers,… Read More
10th July 2019
A corruption case against Latvian central bank governor Ilmars Rimsevics has been handed to a court for consideration, the Latvian Prosecution Office said on Tuesday, more than a year after he was first detained by anti-corruption agents. Rimsevics, a top policy-maker at the European Central Bank, was detained by the… Read More
8th July 2019
The head of Latvia’s bank watchdog is to step down following a move by the country’s parliament to reform the finance industry regulator as part of efforts to combat money laundering. Latvia is under pressure to clean up its banking sector after series of scandals. Moneyval, the money laundering and… Read More
17th June 2019
Europe’s Baltic states are at risk from further Russian money laundering, a top European police official said after several big banks were hit by scandals centred on the region. Pedro Felicio, who is responsible for fighting money laundering at European police agency Europol, told Reuters that “huge inflows of criminal… Read More