15th April 2019
European lawmakers are urging financial institutions and governments to address dozens of legal and supervisory shortcomings they say contributed to the proliferation of massive money laundering schemes in recent years. In a resolution adopted Thursday, the Council of Europe’s Parliamentary Assembly said that recent money laundering schemes linked to… Read More
12th April 2019
Latvia’s prime minister has promised to accelerate an overhaul of the banking sector as fears grow that money laundering scandals could single the country out as high risk, prompting Swedish lenders to leave and isolating the Baltic state. In an interview with Reuters, Krisjanis Karins said he would take earlier… Read More
13th March 2019
The European Central Bank will take over the supervision of Latvia’s PNB Banka, a small lender that has accused the country’s central bank governor and financial regulator of running a racket after being itself fined over money laundering. The decision followed a request by the Latvian financial watchdog, which said… Read More
4th March 2019
AP—A spokesman for Latvia’s central bank says the governor, who is also a member of the European Central Bank and is investigated for alleged bribery, has returned to work. Janis Silakalns said Thursday that Ilmars Rimsevics returned to his office on Wednesday, a day after the EU Court of… Read More
28th January 2019
Lithuania has taken extra measures to prevent money-laundering after bank scandals in Latvia and Estonia which have harmed its reputation, its central bank Governor Vitas Vasiliauskas said. The euro-zone member has so far avoided any major financial scandals of its own but felt it needed to improve its safeguards, Vasiliauskas,… Read More
17th January 2019
The European Commission (EC) has handled money laundering issues regarding Malta disproportionally compared to Latvia, which had a ‘much more serious case,’ according to EU lawmaker and former Maltese prime minister Alfred Sant. Malta has been in the spotlight over a number of money laundering and corruption issues in recent… Read More
24th December 2018
Latvia’s Financial and Capital Market Commission (FCMC) has penalised BlueOrange Bank around €1 246 798 in a settlement regarding the prevention of money laundering and terrorism funding. The bank reportedly had failings on issues pertaining to identifying suspicious transactions, amongst other issues. Dmitrijs Latisevs, CEO of BlueOrange… Read More
25th October 2018
The Financial and Capital Market Commission (FCMC) of Latvia has fined JSC ‘LPB’ Bank 2.2 million euros for breaching anti-money laundering and counter terrorist financing (AML/CFT) rules, after it uncovered a number of significant deficiencies. The FCMC said it carried out an on-site inspection and off-site target inspections of the… Read More
6th September 2018
When Dutch prosecutors trawled through ING’s books they found a “women’s underwear trader” had been able to launder 150 million euros (135 million pounds) through the bank’s accounts without ringing alarm bells. “It should have been clear to the bank that the monetary flows had little to do with… Read More
24th August 2018
Latvia must do more to enforce its laws against financial crimes, a European monitoring body said on Thursday, in a report published in the wake of the collapse of the country’s third largest bank in a money laundering scandal. Moneyval – the Council of Europe’s watchdog on measures against money-laundering… Read More