9th December 2019
Latvia’s financial watchdog said on Friday it had fined Baltic International Bank 1.56 million euros ($1.72 million) for lax anti-money laundering controls. The Financial and Capital Market Commission (FCMC) said in a statement that a review of the country’s eighth-biggest bank had shown it did not have an adequate control… Read More
5th December 2019
The firm at the heart of a company formation scheme opened accounts for high-risk customers at a bank part-owned by the Celtic boss Dermot Desmond, which had previously been implicated in a money-laundering scandal. Mr Desmond bought into Rietumu, one of the largest banks in Latvia, in 2005 for what… Read More
29th November 2019
The International Monetary Fund will examine efforts by Nordic banks and regulators to stop money laundering in the region and the Baltic countries, Sweden’s central bank said on Thursday, following a string of alleged lapses. Nordic banks have been hit by a steady stream of allegations over failures to combat… Read More
27th November 2019
After a string of bank closures and a high-level bribery scandal put it at the heart of Europe’s dirty-money storm last year, Latvia declared efforts to clean up its act a success. The Baltic nation of 1.9 million people, once seen by clients in the former Soviet Union as a… Read More
21st November 2019
When Lithuania’s AB Bankas Snoras imploded in 2011, its main shareholders, Vladimir Antonov and Raimondas Baranauskas, had already left for the United Kingdom, where Antonov had accomplished a long-held dream to take over the Portsmouth Football Club. On Nov. 24 of that year Antonov, a Russian, and Baranauskas, a Lithuanian,… Read More
15th November 2019
Russia’s security services moved money through Estonia to finance operations overseas, the Baltic country’s finance minister, who is leading a clean up after a money laundering scandal, told Reuters. Martin Helme said that Estonian authorities are also investigating whether individuals under U.S. sanctions benefited from the movement of money through… Read More
11th November 2019
The European Union’s largest states are pushing for the establishment of a new supervisory authority that would take over from states the oversight of money laundering at financial firms, after a series of scandals at the bloc’s banks. In a joint statement, Germany, France, Italy, Spain, the Netherlands and Latvia… Read More
8th November 2019
Serhiy Lovochkin, who used to head the administration of former Ukrainian president Viktor Yanukovich, and his sister Yulia Lovochkina, co-owned Latvia’s Trasta Banka through a proxy, according to a report published by the Organized Crime and Corruption Reporting Project (OCCRP). UK citizen Charles Treherne held just under ten percent in… Read More
7th November 2019
Latvia’s Trasta Komercbanka has succeeded in getting a review of the withdrawal of its banking licence after the European Court of Justice overturned a lower European Union court’s rulings, ordering it to check the process was done correctly. The European Central Bank (ECB), which assumed responsibility for euro area bank… Read More
7th November 2019
The Latvian government on November 5 supported a Justice Ministry plan to establish a specialized economic affairs court that will start operating as of January 1, 2021. However, Interior Minister Sandis Ģirģens (KPV LV) spoke against the legislative amendments and minister also called for an audit of the judicial sector before… Read More