Analytics, Banks, Financial Services, Latvia, Legislation

International Internet Magazine. Baltic States news & analytics Sunday, 23.02.2020, 16:13

Searches at ABLV Bank may be connected to criminal case on laundering of at least EUR 50 million worth of funds

BC, Riga, 29.01.2020.Print version
Law enforcement authorities today's searches at the offices of ABLV Bank, which is currently undergoing liquidation procedures, may be connected to a criminal case on money laundering in the amount of at least EUR 50,000,000, rreorted LETA.

On Tuesday, officers from the Specialized Prosecution Office for Organized Crime and Other Branches, Corruption Prevention Bureau, the State Police's Organized Crime Department, the State Revenue Service's Tax and Customs Board, and the Financial and Capital Market Commission carried out a number of procedural actions, including at least 20 searches in Latvia and, in cooperation with foreign authorities, in other countries, as the Latvian Prosecutor Office's press secretary Laura Majevska informed LETA.

According to Majevska, the investigative activities are being carried out in connection with money laundering of at least EUR 50,000,000 worth of funds through a credit institution.

The materials in the criminal case contain information about an organized group of nationals from several countries who carried out money laundering in the amount of at least EUR 50,000,000 between 2015 and 2018, including by making transfers to one of the credit institutions of Latvia for transactions that actually did not take place.

The crimes committed by the organized group were supported by the unnamed credit institution, which is currently undergoing liquidation procedures, and its employees who eliminated obstacles to the transfer of funds, investigators believe.

The criminal proceedings deal with forgery of documents and money laundering.

The prosecutor's office will not release further information for the time being so as not to impede the investigation.

As reported, officers of the Corruption Prevention Bureau (KNAB) are today searching the premises of ABLV bank, which is currently in the process of liquidation, KNAB representatives confirmed to LETA earlier.

Search site