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
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