Berlin - Latvia's Financial and Capital Market Commission on Tuesday (18 June) said it has imposed a fine of 100,000 lats (€142,543) - the maximum fine under Latvian law - on a bank involved in laundering over €170 million stolen from the Russian government.

The name of the bank was not made public.

The money laundering scheme was revealed by Sergei Magnitsky, a lawyer who worked for Hermitage Capital Management, an investment fund specialising in Russian assets.