LatviaThe Latvian State Security Service announced the confiscation of more than $4 million found in a bank account of an offshore company involved in violating international sanctions and the large-scale laundering of illegally obtained funds.
Latvia’s Financial and Capital Market Commission issued a new general license to financial institutions allowing them to make necessary payments for satisfying the basic economic activities of sanctioned individuals and entities.
FBI raids Russian billionaire’s properties, money laundering trial of hip-hop artist scheduled for November, and more, in the weekly roundup.
To Counter Russian Sanctions Evasion, Latvia Focuses on Trade Payments
Latvian regulators are planning to subject banks handling high volumes of transactions involving firms in Turkey, China, Kazakhstan, Azerbaijan and other countries to enhanced scrutiny out of concern that Russia is using those jurisdictions to evade sanctions.
The Financial and Capital Market Commission issued a fine against the Riga, Latvia-based financial institution for breaches of anti-money laundering and counterterrorist financing regulatory requirements, as well as international sanctions failures.
The Financial and Capital Market Commission (FCMC) issued a fine against the Riga, Latvia-based financial institution for infringements of anti-money laundering (AML), counterterrorist financing (CTF) and proliferation financing rules.
| Technical | Effectiveness |
|---|---|
| Compliant : 7 | High : 0 |
| Largely Compliant : 33 | Substantial : 1 |
| Partially Compliant : 0 | Moderate : 8 |
| Non-Compliant : 0 | Low : 2 |
Latvia's technical compliance was re-rated in a Jan. 22, 2020 follow-up report
| Rank : 29/110 |
| Score : 4.61/10 |
| Rank : 42/179 |
| Score : 57/100 |
| Rank : 65/133 |
| Score : 59/100 |