Featured Latvia

Latvian probe fails to prove ABLV managers’ involvement in corruption

The Corruption Prevention and Combating Bureau (KNAB) has not found evidence of corruption on the part of ABLV Bank’s managers, which has been alleged  by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), LETA learned. At the same time, KNAB has not managed to find evidence to… Read More

Record French Fine Slashed as Latvian Bank Wins Tax Appeal

Latvian lender Rietumu Banka won a 75% reduction in what was once France’s highest criminal fine for a company. Rietumu, which had allegedly helped clients of a company-registration and advisory firm dodge taxes, will still have to pay 20 million euros ($23.6 million), down from the… Read More

Former Latvian Prime Minister Skele charged with fraud and money-laundering

Latvia’s former politicians Andris Skele and Ainars Slesers are facing criminal charges that have been brought against them  as part of a criminal probe into the so-called digital TV case, LETA learned. Aiga Eiduka, a spokeswoman for the prosecutor’s office, told LETA that one of the persons charged in this… Read More
24th February 2021
One of the most influential figures in Latvian politics has been sentenced to five years in prison for corruption. Aivars Lembergs, the mayor of the city of Ventspils since 1988, was convicted by a court in Riga on Monday of bribery and money laundering. The wealthy businessman was immediately arrested… Read More
16th February 2021
Following a request from Latvia, businessman Alexey Olexin, who is close to Belarusian President Aleksandr Lukashenko’s regime and whose family owns a business in Latvia, has managed to narrowly avoid EU sanctions, as reported by LTV programme De Facto with reference to London-based human rights activist Nikolai Halezin. Olexin has… Read More
3rd February 2021
Investigators from the State Police have uncovered money laundering via digital currency machines (DCM) installed in Riga’s shopping centers and detained a Polish citizen in connection with the crime, LETA was told at the State Police. Since last November the cybercrime unit of the State Police has been investigating a… Read More
25th January 2021
In November 2009, Gunta Razane, a senior banker with a fondness for gardening, returned to Latvia with her husband after four years abroad. She took out a €21,500 loan to repair their home outside of Riga, which stood on the site of a historic watermill and had suffered damage from… Read More
22nd January 2021
Latvian bank “SMP bank” played a role in a complex chain of transactions that helped Russian President Vladimir Putin obtain a palatial private residence, according to Georgy Alburov, an associate of Russian opposition figure Alexey Navalny and his Anti-Corruption Foundation (FBK). Alburov made the allegation in an interview with Russian-language public… Read More
13th January 2021
Latvia’s State Police have arrested property and finances worth EUR 4.5 million in a criminal process regarding money laundering disguised as flower business, Latvian State Police report. In 2019 State Police Economic Crimes Enforcement Unit’s officials uncovered an organized group the members of which had been engaged in large-scale money… Read More
6th January 2021
The trial of entrepreneur Tiiu Jarviste and her two fellow accused in a large-scale money laundering case began at the Harju County Court on Tuesday with all of the accused pleading not guilty to the charges. Facing trial in addition to Jarviste, 56, are also Aleksei Dremov, 40, and Andrii… Read More
21st December 2020
Illicit funds from Azerbaijan were used by a London couple to fly female models to Ibiza by private jet and pay school fees, a court has been told in a case being conducted under a veil of secrecy. The National Crime Agency alleges that the spending came from nearly £14 million of corrupt… Read More
9th November 2020
Latvia’s financial regulator, the Financial and Capital Market Commission (FKTK) said November 6 it had decided on November 3 to impose a fine of EUR 473,076 on Reģionālā investīciju banka (Regional Investment Bank, RIB) for “irregularities in detecting the source of funds, which were identified during a FKTK inspection in large value cash… Read More
22nd October 2020
The European Union’s executive said on Tuesday it was launching legal action against Cyprus and Malta over their investor citizenship programmes, also known as “golden passport” schemes. The schemes allow wealthy foreigners to buy citizenship in exchange for an investment of around 1 million euros in Malta and 2 million… Read More