11th March 2018
Latvia will invest more in monitoring banks as it overhauls financial controls, Prime Minister Maris Kucinskis told Reuters, after the United States accused one of its biggest banks of money-laundering and breaching sanctions on North Korea. He said a levy on financial transactions by shell companies, which often disguise account… Read More
26th February 2018
The failure of a Latvian bank poses an 8 billion euro question for the country’s financial system. That is the amount foreigners have deposited with lenders in the Baltic nation – equivalent to roughly 30 percent of GDP. ABLV, the third-largest bank, is to be wound up after… Read More
22nd February 2018
Latvia’s Economy Minister called on its central bank chief to quit over a probe into whether he accepted a bribe, allegations Ilmars Rimsevics has denied as his lawyers fight for him to keep his job. Late last week, Rimsevics was detained by anti-corruption agents who said they suspected him of… Read More
22nd February 2018
One of Latvia’s largest banks has asked for a 480 million euro loan from the country’s central bank as part of efforts to reopen for business after being forced to halt all payments in the face of money laundering accusations. The request for credit from the Baltic state’s central bank… Read More
20th February 2018
The European Central Bank stopped all payments by Latvian lender ABLV Bank on Monday as its liquidity position has deteriorated after accusations by U.S. authorities of breaching sanctions against North Korea, it said on Monday. “This means that temporarily, and until further notice, a prohibition of all payments by… Read More
19th February 2018
The head of Latvia’s central bank, Ilmars Rimsevics, has been detained by the country’s anti-corruption agency. His home and offices at the Bank of Latvia were both raided by officers. The country’s Corruption Prevention Bureau gave no details about its investigation, or the nature of the raids. Latvia’s Prime Minister,… Read More
15th February 2018
The United States has issued a notice seeking to blacklist ABLV, which it says is a bank of ‘prime money laundering concern’ that facilitates illicit cash transactions for sanctioned individuals and North Korea’s procurement or export of ballistic missiles. According to the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN),… Read More
21st July 2017
Latvian regulators fined two more lenders over involvement in attempts to circumvent international sanctions on North Korea, bringing the total to five banks fined with the investigation continuing. Norvik Banka agreed to pay 1.3 million euros ($1.5 million) and Rietumu Banka will pay 1.6 million euros, the Financial and Capital… Read More
11th July 2017
One of the biggest Latvian banks has announced it will appeal last week’s French court ruling by which it has to pay €80 million (US$ 91 million) – almost the equivalent of its 2016 net profit – for being involved in a vast tax avoidance and money laundering scheme, media… Read More
7th July 2017
A Paris court fined a Latvian bank on Thursday for taking part in a vast scheme allowing French clients to avoid paying their taxes and launder at least 200 million euros. The court convicted Rietumu Banka of money laundering and fined it 80 million euros ($91 million) for facilitating a… Read More