State Police lost 36 court cases against ABLV Bank; budget losses now 5.3 million euros
State Police has lost 36 court cases against the liquidated ABLV Bank over the storage of frozen assets. These cases are related to money laundering criminal proceedings. This has cost the budget at least 5.3 million euros, with further claims expected.
State Police lost 36 court cases against ABLV Bank; budget losses now 5.3 million euros
State Police has lost 36 court cases against the liquidated ABLV Bank over so-called frozen asset storage. These civil cases are linked to criminal proceedings for unlawful money laundering, in which police had seized funds.
The loss of court cases has already cost the state budget at least 5.3 million euros. Law enforcement officials acknowledge that in the coming period, further claims may follow from the money owners themselves seeking compensation for damages.
According to LSM.
Meanwhile, the Financial Intelligence Unit (FID) continues its fight against money laundering. The unit purchases cash, paying a 2–3 % "commission fee" for it. This method allows the identification and proving of criminal schemes.
Following the end of the Moneyval monitoring period, the question of how effective Latvia's anti-money laundering system remains unresolved.
Source: LSM