Lithuanian lawmakers plan to legislate an end to a policy that exempts transactions by and to government institutions, foreign embassies and businesses from enhanced scrutiny after an intergovernmental group warned it risks enabling bribery-related money laundering.
A portion of funds from a massive tax fraud in Russia that moved throughout Europe before terminating at Danske Bank in Estonia also transited through ABLV, which collapsed in February under the weight of a U.S. designation, a U.K. investor has alleged.
Banks in Russia, Switzerland and Germany are the top destinations for hundreds of millions of euros-worth of funds that have flowed out of Latvia since March, when the nation proposed to limit banking services to certain types of shell firms, according to a senior Latvian regulator.
The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism published a report reviewing Lithuania's anti-money laundering and counterterrorist financing regime.
February 8, 2019