French court reduces fine of Rietumu Banka for alleged engagement in money laundering 2021-04-06 LETA/TBT Staff
RIGA - The French court on Tuesday reduced the fine imposed on Latvia s Rietumu Banka by almost 75 percent - from EUR 80 million to EUR 20 million - for alleged engagement in money laundering, Bloomberg news agency reported.
Judges at the Paris court of appeals did not detail on Tuesday their reasoning for cutting the fine, just said the written ruling will be sent to the parties later.
LETA learned from the court that the prosecution required EUR 60 million fine for Rietumu Banka, and two-year suspended jail term and a EUR 50,000 fine for former bank s president Aleksandrs Pankovs.