Latvian police seize assets under Magnitsky Act

The Latvian State Police's Office for Combating Economic Crimes seized in February assets in the case of Sergei Magnitsky worth about $500,000, reports.

Police identified bank accounts and property in the $230 million money laundering scheme which was exposed by Sergei Magnitsky.

"Latvian accounts were used for purchases by Russian citizens," the police said. Among the assets seized are two real estate properties in Latvia bought from Cypriot accounts. The bank account of a widow of the former Russian State Duma deputy, which was used to sell a yacht, was also frozen.

Hermitage Capital Management Foundation, where Sergei Magnitsky worked, praised the actions of the Latvian police. In 2007, Sergei Magnitsky uncovered a scheme to steal $230 million involving Russian officials. The lawyer was then placed in pre-trial detention on charges of tax evasion. Magnitsky died in custody in 2009.

In 2018, Latvia passed the Magnitsky Act, which establishes visa restrictions for those involved in Magnitsky case. 49 persons have been banned from entering Latvia under the Magnitsky Act.

  Magnitsky Act, Latvia, Russia