Large-scale money laundering scheme bust in Latvia / Article

Over a long period of time, the members of the group laundered approximately half a billion euros. The suspects purchased expensive real estate in Latvia and abroad, invested the proceeds of crime in the construction of new real estate and purchased luxury goods.

The State Police had received information about crimes committed more than 10 years ago, starting in 2012 or even earlier.

On 18 December 2023, the Organised Crime and Serious and Serial Crime Combating Department of the State Police’s Central Criminal Police Directorate, combining previously initiated criminal cases, initiated criminal proceedings under Section 195, Paragraph 3 of the Criminal Law – on the legalisation of criminally obtained financial resources, if committed on a large scale or by an organised group.

Such crimes are punishable by imprisonment for a term of three to 12 years, with or without confiscation of property, and probation for up to three years or without probation.

In 2024, law enforcement authorities arrested nine persons on suspicion of the aforementioned crimes. The suspects were born between 1962 and 1987. One of them had previously been convicted of another type of criminal offence.

During the criminal proceedings, cash assets were seized, real estate located in the Kingdom of Spain was arrested, vehicles, a collection of vintage cars, shares, money, precious metal and gemstone jewellery, coin collections and luxury wristwatches worth approximately EUR 15 million.

It was decided to apply coercive measures to a security company registered in the Republic of Latvia, established in the interests of the organised group, whose establishment and operation were financed by criminally obtained funds.

On 29 April this year, having obtained sufficient evidence, officials from the State Police referred the criminal case to the Riga District Prosecutor’s Office for the initiation of criminal proceedings against nine persons.

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