28th June 2018
European Union banks face an anti-money laundering crackdown before the end of the year following allegations of wrongdoing at two Latvian and Maltese lenders, top officials say. The collapse of Latvia’s ABLV and the freezing of operations at Malta’s Pilatus Bank exposed shortfalls in recent reviews of anti-money laundering rules,… Read More
26th June 2018
Latvian authorities say they are examining an allegation that a failed bank handled money from a Russian fraud uncovered by Bill Browder, an investor campaigning to expose corruption. ABLV shut this year after the United States Treasury alleged money laundering at Latvia’s third largest bank, plunging the Baltic state into… Read More
3rd June 2018
The European Central Bank accused Latvia in Europe’s highest court on Wednesday of illegally removing its central bank governor earlier this year and asked for at least some of his powers to be reinstated. In a case without precedent for the ECB, Latvian central bank chief Ilmars Rimsevics was detained… Read More
31st May 2018
Latvia’s banking watchdog said on Friday it had fined Meridian Trade Bank, a financial firm serving residents in Latvia and Lithuania as well as some non-European clients, for breaching anti-money laundering rules. Latvia has moved to clamp down on banks serving non-residents since the United States in February accused its… Read More
25th May 2018
Latvia has warned the European Union to bolster fragmented money laundering controls as much of the cash now leaving the Baltic state to escape tighter scrutiny is going to other EU countries. The warning was issued by the country’s prime minister and finance minister in interviews with Reuters, when both… Read More
18th May 2018
Latvia’s new anti-money laundering chief pledged on Thursday to improve control of financial crime, urging the Baltic state’s banks to become more hands on in spotting and preventing it. Ilze Znotina, who will lead Latvia’s anti-money laundering agency from June, said she wanted to change the tendency of local banks… Read More
5th April 2018
A senior Danske Bank (DANSKE.CO) executive quit on Thursday after the lender found there should have been an earlier and more thorough investigation into alleged money laundering at its Estonian branch. The departure of Lars Morch, responsible for the Baltic operations of Denmark’s biggest bank since 2012, comes during an… Read More
21st March 2018
Latvia will put forward legislation to ban shell companies, Prime Minister Maris Kucinskis said on Wednesday, after a chorus of demands from its Western allies that it clamp down on money laundering. Latvia is struggling to restore confidence in its financial institutions after U.S. accusations that the euro zone state’s… Read More
18th March 2018
Latvia launched just 85 money-laundering investigations in 2017 even though its banks flagged 17,900 suspect transactions, data seen by Reuters shows, highlighting the challenge the Baltic state faces in repairing its tarnished reputation. Prime Minister Maris Kucinskis has vowed to invest more in monitoring banks after the United States triggered… Read More
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