Estonia’s Financial Intelligence Unit (FIU) checked around 2,000 bank statements without legal authority, Chancellor of Justice Ülle Madise announced, ERR reports. FIU had obtained full bank statements via the data exchange layer connected to the enforcement register, whereas the law only allows FIU access to basic information about bank accounts. FIU told ERR that it…
The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has removed Latvia’s ABLV Bank from its list of financial institutions posing a risk of money laundering, LSM reports. The European Central Bank revoked ABLV’s banking licence in 2018 after FinCEN added the bank to the list. ABLV’s liquidation is now nearly complete, and the bank…
A notorious leader of organised crime in Latvia has been arrested in an international operation, LSM reports. Latvia’s State Police, in cooperation with Europol and the Spanish National Police, detained 16 people, including 10 in Latvia and 6 in Spain. The group is suspected of selling narcotics and of large-scale money laundering. Police confiscated marijuana,…
A court of appeal in Sweden has sentenced former Swedbank CEO Birgitte Bonnesen to 15 months in prison over money laundering at the bank’s Estonian branch, BNS reports, citing AFP. The court found that Bonnesen had provided shareholders with false information about measures taken at the branch to prevent money laundering. The appellate court overturned…
Latvia’s Financial Sector Development Board (FSAP), chaired by Prime Minister Evika Silina, reviewed the country’s anti-money laundering (AML) measures during a meeting on 5 September 2024, LSM reports. The Financial Intelligence Unit (FID) reported on Latvia’s progress in relation to the Council of Europe’s evaluation of the country’s AML efforts. The meeting also addressed concerns…
Estonia’s Harju County Court has acquitted the defendants in a criminal case against the management of the Port of Tallinn due to statute of limitations, ERR reports. The court determined that the accused members of the port’s management board, who were charged with bribery and money laundering, did not act as officials, reclassifying their actions…
Latvia’s Riga Regional Court has sentenced former Ventspils mayor Aivars Lembergs to four years in prison and confiscation of property, LSM reports. The second-instance court found Lembergs guilty of taking bribes, money laundering, unauthorised participation in a property transaction, and falsification of documents. At the same time, the court acquitted him of charges of concealing…
The financial intelligence units (FIU) of the Baltic States have conducted a first joint study of cash flows in the region, BNS reports. The study showed that the risks and vulnerabilities related to the flow of cash have changed in the region in 2019-2022. While there is a significant flow of cash from all three…