AS LHV Pank successfully defended its position in proceedings with the Financial Intelligence Unit

COBALT advised AS LHV Pank in matters related to international sanctions, including administrative proceedings, misdemeanor proceedings, and a legal dispute with the Financial Intelligence Unit (RAB).

RAB conducted a misdemeanor procedure and concluded that the bank had violated the International Sanctions Act, imposing a fine of €300,000. The bank challenged the decision in court. In the fall of 2024, the court fully annulled the misdemeanor decision, revoked the imposed fine, and terminated the proceedings, ruling that the act lacked the necessary elements of a misdemeanor. The court’s decision has entered into force.

AS LHV Pank was advised on international sanctions in administrative proceedings by Partner Monika Koolmeister and was represented in misdemeanor proceedings and in court by Managing Associate Rauno Ligi. The team also included Specialist Counsel Kaarel Eller and Associates Norman Ilumets and Peep Vähi.

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