23rd December 2019
Latvia’s financial watchdog said on Friday it had fined Swedish bank SEB a total of 1.79 million euros ($1.99 million)for lax anti-money laundering controls and for one case of violation of sanctions in the Baltic country. The Financial and Capital Market Commission (FCMC) said an inspection in 2017 of SEB… Read More
19th December 2019
Reeling from the fallout of a bribery scandal, Latvia’s central bank must become more transparent to clean up its image and must also push for greater transparency at the European Central Bank, its incoming chief Martins Kazaks said on Wednesday. The Latvian bank, one of the 19 central banks that… Read More
13th December 2019
Latvia’s parliament on Thursday passed legislation to take control over the Baltic country’s two biggest ports in an effort to keep them open after U.S. sanctions against a Latvian oligarch threatened operations. Latvian politician and businessman Aivars Lembergs and four entities that he owns or controls were hit by U.S. Read More
10th December 2019
The United States on Monday sanctioned Aivars Lembergs, the suspended mayor of Latvia’s seaport city of Ventspils and an oligarch with substantial influence in the country’s politics, over alleged corruption, the U.S. Treasury said in a statement. According to the Treasury’s Office of Foreign Assets Control (OFAC), Lembergs controls “entities… Read More
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