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Ceturtdiena 09.04.2020 | Name days: Valērija, Žubīte
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KNAB’s search at ABLV Bank related to laundering of 50 million euros

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corruption, money laudering, ABLV Bank, KNABThe search performed at ABLV Bank by Latvian Corruption Prevention and Combating Bureau (KNAB) on Tuesday, 28 January, is related to the laundering of at least EUR 50 million between 2015 and 2018, as reported by the office of the prosecutor.

Materials of the criminal case mention that an organized group consisting of citizens of multiple countries had legalized no less than EUR 50 million of illegally obtained funds between 2015 and 2018. This includes using a credit institution registered in the Republic of Latvia to process non-existing transactions. Illegalities committed by members of the organized group were supported by the credit institution in the process of liquidation and its employees by removing obstacles for transfer of funds.

The criminal process is in its pre-trial phase and revolves around Part 2 of Section 275 and part three of Section 195 of the Criminal Law.

As part of the investigation law enforcers have performed at least 20 court-sanctioned searches in Latvia and foreign countries in cooperation with Latvian law enforcers’ colleagues.

More on the topic: Corruption watchdog performs search at liquidated ABLV Bank

BNN had previously reported that on Tuesday, 28 January, KNAB performed a search at ABLV Bank.

To ensure maximum protection of customers’ and creditors’ interests and, considering the decision of the European Central Bank regarding commencement of the bank’s liquidation process, ABLV Bank shareholders made the decision at their 26 February 2018 meeting to self-liquidate the bank. Latvian Finance and Capital Market Commission’s council permitted ABLV Bank to commence the self-liquidation process on 12 June 2018. On 12 June 2018 European Central Bank annulled ABLV Bank’s license.

Problems for ABLV Bank started when US Department of Treasury Financial Crimes Enforcement Network announced in February 2018 its plans to establish sanctions against ABLV Bank for money laundering schemes that had assisted with North Korea’s nuclear arms programme, as well as illegal activities in Azerbaijan, Russia and Ukraine.


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