Banks, Financial Services, Latvia, Legislation
International Internet Magazine. Baltic States news & analytics
Thursday, 25.04.2024, 08:00
Latvian police starts probing money laundering allegations at ABLV Bank
Print version |
|---|
The police
spokeswoman, Ilze Jurevica, told
LETA that the Latvian police had asked the cooperation partners to provide
detailed information about the facts supporting the FinCEN conclusions and had
also made inquiries with the Latvian financial regulator, the Finance and
Capital Market Commission.
The police will make the decision after receiving this
information, Jurevica said.
ABLV Bank's spokesman Janis
Bunte told LETA that on February 14 the bank itself had made formal requests to
the State Police and the Corruption Prevention Bureau, asking them to check the
information in the FinCEN report. ABLV Bank will be cooperating with
the law enforcement agencies and providing them with all the required
information because it is interested to have the situation clarified as soon as
possible, the spokesman said.
As reported, in mid-February FinCEN proposed sanctions
against ABLV Bank for its role in money laundering schemes that
have been facilitating transactions for parties connected to North Korea's
nuclear program and illegal activities in Azerbaijan, Russia and Ukraine.
FinCEN also said in its report that the management of ABLV Bank used bribery
to influence Latvian officials when challenging enforcement actions and
perceived threats to their high-risk business.
The FinCen report drew the attention also of the
Latvian Corruption Prevention Bureau (KNAB) which asked its partners in the
U.S. to share the evidence supporting the FinCEN allegations but no information
had been received by February 21.
The Finance and Capital Market Commission, acting on
the instructions from the European Central Bank (ECB), ordered ABLV Bank to stop all
payments as of February 19.
At the end of September 2017, ABLV Bank was the
third largest bank in Latvia by assets. The bank's majority shareholders Olegs
Fils, Ernests Bernis and Nika Berne own, directly and indirectly, 87.03 percent
of the bank's share capital.
ABLV Bank's bonds are
quoted on the Nasdaq Riga Bond List. ABLV Bank is under direct
supervision of the European Central Bank (ECB).
«The Baltic Course» Is Sold and Stays in Business!
