Financial Services, Latvia, Legislation, Port, Transport, USA

International Internet Magazine. Baltic States news & analytics Friday, 18.09.2020, 16:47

Lembergs and institutions subject to US sanctions will be under heightened control by banks serving them

BC, Riga, 12.12.2019.Print version
From Thursday, banks serving Ventspils Mayor Aivars Lembergs (Latvia and Ventspils) and US-sanctioned institutions associated with him will closely monitor the activities of their bank accounts, the chairwoman of the Financial and Capital Market Commission (FKTK) Santa Purgaile told LETA.

According to her, banks have resumed to provide financial services to US sanctioned individuals under an enhanced supervision regime.

In regards to Lembergs, Purgaile stated that a person is entitled to a basic account to cover primary needs such as utility bills, healthcare, their pensions etc., but the FKTK will still determine the specific amount Lembergs will be able to receive for basic needs.

Purgaile also emphasized that the bank accounts of the Freeport of Ventspils Authority were not closed, but that banks have refused financial services to the authority.

She also added that non-sanctioned companies working at the Freeport of Ventspils can make and receive payments for services as usual.

At the same time, Purgaile called on all companies to make sure whether or not they or one of their business partners might be associated with Lembergs or his interests.

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