Corruption scandal casts long shadow over Latvia
17 Apr 2019

A year after closing one of its largest banks for money laundering and the detention of its central bank governor for alleged bribery, Latvia is struggling to deal with the fallout from the corruption scandal.

The country’s new government, formed in January after months of political deadlock, is trying to introduce reforms ahead of a review by international money-laundering standards watchdog Moneyval, which Latvian officials fear could label the Baltic state as high risk.

The stakes are high for Latvia, tarnished by a string of money laundering and corruption scandals, including the shuttering of banking group ABLV last year.

But efforts to clean up the country’s reputation are moving slowly. Central Bank Govenor Ilmars Rimsevics is still awaiting trial 14 months on from his brief detention. A top European court has ruled that he should not have been barred from office, in an embarrassing setback for the tiny state.

By John O’Donnell and Gederts Gelzis, Reuters, 12 April 2019

Read more at Reuters

Photo: Saeima [CC BY-SA 2.0], via Wikimedia Commons

Read more:

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One Response to “Corruption scandal casts long shadow over Latvia”
James Michaels

James Michaels April 17, 2019

LATVIA’s offshore banking system was not alone in facilitating russian money laundering on a grand scale. It was part of an international network involving other jurisdictions like SEYCHELLES, CYPRUS and BVI. Banks like disgraced bank ABLV which were linked to offshore agents like INTERSHORE in Seychelles to provide ready made anonymous vehicles for russian organised crime and money laundering. ABLV might be gone but FBS bank now has an office at 306 Victoria House Seychelles, the office of INTERSHORE and the address of parliamentary speaker Ahmed Afif – a former head of the State Offshore Regulator now known as the FSA.

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