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
5th November 2019
Latvia’s central bank chief, who led the former Soviet republic into the euro, appeared in court on Monday accused of bribery in the first corruption trial of a European Central Bank governor. Latvia’s public prosecutor has accused Ilmars Rimsevics, 54, of accepting the offer of a 500,000-euro bribe and taking… Read More
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