A Latvian court has established that almost 2 million euros in accounts at ABLV Bank were obtained through criminal activities. The criminal investigation launched in 2022, prompted by the Financial Intelligence Unit, revealed that accounts belonging to two foreign companies were likely used to launder money obtained from unidentified criminal offenses. The investigation indicated that the sources of these illicit funds stemmed from companies not engaged in legitimate economic activities, raising significant concerns about money laundering in the banking sector.

The pre-trial investigation involved significant findings, as it was identified that the businesses in question, registered in the Marshall Islands and Canada, had claimed involvement in activities related to logistics, food, textiles, and investments, yet no genuine economic operations were substantiated. The laundering activities reportedly took place between April 2017 and February 2018. Assessments of invoices submitted by these entities indicated that they were likely fabricated to mimic civil transactions, thereby justifying the movements of funds through the banking system.

The ruling to recognize these funds as derived from criminal activity carries important implications for ABLV Bank and Latvia's financial regulatory environment. Moreover, the decision to allocate these funds to the state budget symbolizes a strong stance against financial crime and the commitment of Latvian authorities to enhance the integrity of their financial systems. As the investigation continues, it underscores the need for stringent oversight to combat money laundering and financial misconduct in the banking industry.