5th November 2019
Financial watchdogs in the USA, Sweden and Estonia have initiated a wide-ranging investigation into the operations of Swedbank, the largest financial institution in the Baltic states, reported LTV’s De Facto investigative show November 3. Investigations involve examining several suspicious transactions over a period of several years. However, Latvian regulators have no plans on… Read More
10th October 2019
The International Monetary Fund (IMF) is asked to conduct an independent evaluation of money laundering prevention in the Nordic and Baltic region, a member of the Bank of Lithuania’s board said Wednesday. “A regional monetary prevention evaluation will be performed,” Marius Jurgilas told members of the Seimas Committee on Budget… Read More
24th September 2019
As European Union (EU), US and international institutions continue to scrutinize Latvia as a past nexus of money laundering, the Latvian government under Prime Minister Krišjānis Kariņš has issued a report saying it has closed down 17,600 shell companies and taken other measures to reduce the possibility to use the… Read More
23rd September 2019
Latvia’s appointment of a banker to supervise the sector is threatening a conflict of interest, Transparency International said on Friday, following a series of financial scandals in the Baltic state. Government officials this week announced that they had chosen Santa Purgaile, a board member with Citadele Bank CBLBR.RI, Latvia’s fourth-largest… Read More
19th September 2019
Latvia’s financial watchdog said on Wednesday it had fined PrivatBank, the country’s 12th-biggest bank, 1 million euros ($1.1 million) for insufficient money-laundering controls. The Financial and Capital Market Commission (FCMC) said in an emailed statement it had found a number of “serious faults in the internal control system in the… Read More
13th September 2019
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
6th September 2019
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
5th September 2019
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