On December 20, 2023, Ilmars Rimsevics, the former chief of Latvia’s Central Bank, was sentenced to six years in prison and faced asset confiscation for bribery by a Latvian court. Rimsevics, aged 58, had violated the law a decade ago by accepting payments and a trip to Russia from shareholders of a now-defunct bank. In addition to his prison term, he was given probation and a five-year ban on holding public office. The court also sentenced Maris Martinsons, a middleman, to five years in prison for aiding and abetting the bribery.

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In 2018, Rimsevics was detained by the Corruption Prevention and Combating Bureau (KNAB). His arrest occurred amid a series of money-laundering scandals that impacted Latvia and its neighbor Estonia. The Baltic euro and NATO member saw its banking sector, known for transferring US dollars for Russian businesses, collapse due to regulatory demands from the US Treasury and the closure of correspondent accounts by international lenders.

Notably, Rimsevics was also a member of the Governing Council of the European Central Bank.