Defrauded millions from Ukraine and bloody drug cartel´s money from Mexico were laundered through Latvian banks. Money was transferred using offshore companies led by Latvians. Local directors didn't even know that they became millionaires on paper.

 

Network of “paper” directors

The illustration shows the known network of the IOS corporation’s activities with its connected persons- paper directors and the number of ‘their” corporations in various countries.

Clicking on the name of a firm or a person will make the relevant object appear in the centre of the graphic. The graphic shows data two levels from the centre. To see data outside these two levels, please click on objects closer to the data required. By rolling the mouse, you can move the data closer or further away.

 

Clues point to identity of Magnistky case linked bank fined by Latvian regulator

In the absence of any official confirmation, available evidence suggests that PrivatBank could be the Latvian bank fined by the Latvian Financial and Capital Market Commission (FCMC) earlier this year for inadequate internal controls in the so-called Magnitsky case. The FCMC, however, refuses to reveal the identity of the sanctioned bank, citing the need to maintain financial stability.

Latvia to investigate its banks’ role in the Magnitsky case

The prosecutor’s office has reversed the decision of the state police not to investigate whether Latvian banks helped to launder at least 63 million dollars from Russia in 2007 as part of a huge tax fraud.

At least 63 million dollars laundered through Latvian banks in the Magnitsky case

Sergei Magnitsky was a lawyer for Hermitage Capital (an American managed fund investing in Russia) who tried to investigate the theft of money from the fund. His colleagues at Hermitage Capital believe it possible that part of the 63 million dollars laundered through Latvian banks after being stolen from the fund could still be in Latvia.

Russian Laundering Machine

Nomirex Trading Ltd. is part of an international money laundering platform used by several major criminals. Nomirex had bank account in Riga's Trasta Komercbank in Latvia.

About us

The project was done by the Organized Crime and Corruption Reporting Project -- a consortium of investigative centers, journalists and media organizations throughout the Balkans and Eastern Europe.