Richard Bampal May 17, 2019
Latvia’s offshore banking sector has long been the preferred centre for money-laundering dirty russian money using Seychelles and other registered companies. These two jurisidiction registered anonymous offshore companies on behalf of Latvian bank intermediaries and then open bank accounts in Latvia for them. Quite often, the Seychelles and BVI companies might act as as the Corporate directors of UK registered LLPs to make the structure look more respectable. This was the favoured mechanism in the Hermitage Scandal, the Ukrainian corruption scandal and the Russian Laundromat. Two offshore agents in Seychelles specialised in this servicel Intershore Consult (Pty) at 304-306 Victoria House and Apollo (Pty), owned by russian nationals living in Seychelles. Inteshore’s office now houses a Latvian bank to make the service even more accessible. Intershore’s office also houses the main political opposition party in Seychelles the LDS who have written new laws to make the offshore system in Seychelles even more opaque than before. Lativa is only half of the problem, albeit the banking part. The anonymous offshore companies (there are 200,000 of them in Seychelles) used to open and front these bank accounts are the other half of this corrupt equation. These jurisdictions need to be cut off from the international monetary system.