COBALT successfully defended a real estate developer in the financial crime case

COBALT successfully represented a real estate developer before the Financial Crime Investigation Service and the Commission for the Examination of Infringements of the Law on Prevention of Money Laundering and Terrorist Financing for alleged non-compliance with the requirements of the legislation on the prevention of money laundering, for which a fine of between 0.5% and 5% of the company’s annual revenue could be imposed.

The COBALT team proved that the client in the present case could not be considered as another obliged entity within the meaning of the AML/CFT Act and therefore its business was not subject to the relevant requirements of the AML legislation.

The provision of legal services resulted in the termination of the infringement proceedings and avoided significant damage to the company’s reputation and its CEO, as the decisions of the authorities concerning the measures imposed on the entity are made public and the violation of the abovementioned legislation is also subject to administrative liability.

The client’s interests were represented and procedural documents were drafted by COBALT Partner Mindaugas Bliuvasand COBALT Associate Arnas Trukšnys.