Latvian bank fined heavily over laundering scheme in France
07 Jul 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 scam to “democratize” tax evasion among ordinary taxpayers and small businesses in France. The fine amounts to the bank’s whole last annual profit. Rietumu was also barred from operating in France for five years.

Count this content towards your CPD minutes, by signing up to our CPD Wallet

FREE CPD Wallet

You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.