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
7th July 2017
When some of Latvia’s banks became infected with dirty money, all paid the price. “Correspondent” banks—international banks that clear smaller banks’ foreign-currency transactions through big financial centres—began detaching from the Baltic country. JPMorgan Chase withdrew in 2013. By last year only Deutsche Bank was left. It soon stopped serving half… Read More
23rd November 2016
Supported by Europol’s European Cybercrime Centre (EC3) and the Joint Cybercrime Action Taskforce (J-CAT), as well as Eurojust and the European Banking Federation (EBF) the second coordinated European Money Mule Action (EMMA) culminated in the arrest of 178 individuals. Read More
21st September 2016
The law enforcement agencies of Latvia and Ukraine should cooperate more closely in making the decision on transferring EUR 50 million, recognized as illegal funds in Ukraine, to the budget of Latvia, the presidents of the two countries have stated at a bilateral meeting in New York. The press service… Read More
13th September 2016
Latvia has recovered to the national budget EUR50 million of funds of the former Ukrainian high-ranking officials arrested within the fight against money laundering, the LSM local media has reported with reference to the investigation of the De Facto program. The media reports in autumn 2014 Prosecutor General of Ukraine… Read More
26th July 2016
Latvijas Pasta Banka is the latest commercial bank in Latvia to be penalized for failing to comply with anti-money laundering and counter-terrorism financing legislation, the national banking regulator informed Monday. The regulator, the Financial and Capital Market Commission, slapped a fine of 305,000 euros (335,271 U.S. dollars) on the bank,… Read More