Friday, October 23, 2020

Latvia seize $500,000 in assets linked to Magnitsky case


Latvian State Police said March 9 they have seized half a million dollars in assets linked to the notorious and complex Russian money-laundering operation that caused the death of lawyer Sergei Magnitsky.

“In February of this year, the Economic Crime Bureau of the State Police’s Main Criminal Police Office seized half a million U.S. dollars’ worth of assets related to several Magnitsky cases,” State Police said on their Facebook page.

“During the initial investigation, Latvian law enforcement authorities identified several bank accounts, property and assets acquired for the benefit of Russian citizens. The purchases were made using Latvian bank accounts linked to the legalization of $230 million revealed by Russian lawyer Sergei Magnitsky,” the force said.

Among the seized assets are two pieces of real estate in Latvia bought via Cypriot bank accounts, as well as the freezing of an account used for the sale of a yacht and owned by a widow of a former member of the Russian State Duma, police revealed.

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Latvian law enforcement agencies are actively cooperating with foreign counterparts and other authorities, such as the Financial and Capital Market Commission (FKTK) the police added.

As previously reported by LSM, Latvia was among the first countries in the world to introduce a dedicated “Magnitsky law” providing for sanctions and asset seizures against companies and individuals who played a role in the 230 million dollar corruption and money-laundering racket.

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