On 22 May 2012, the United States Treasury blacklisted Belarussian bank JSC Credexbank as a “Primary Money Laundering Concern.” We at LawlessLatvia weren’t aware of the Latvian connection until recently.
According to the Treasury, JSC Credexbank processed over $1 billion in shell company transfers in 2010 alone, an amount disproportionate to its size. Also, JSC Credexbank had shell company ownership itself.
This bank was previously named Northern Investment Bank and was an undisclosed subsidiary of Parex Bank according to John Christmas’ whistleblowing to EY (2004) and the Latvian Prosecutors Office (2005). Christmas had an internal Parex email stating that Parex secretly owned Northern Investment Bank, but nobody at EY or the Latvian Prosecutors Office cared about that.
If employees at EY or the Latvian Prosecutors Office had done their jobs, they could have stopped the Lukashenko Regime from laundering over a billion dollars.