ECB eliminates the Latvian Bank, caught in a scandal with money-laundering

© REUTERS / Ints KalninsГлавный the ABLV Bank office in Riga, LatviaECB eliminates the Latvian Bank, caught in a scandal with money-laundering© REUTERS / Ints Kalnins

ABLV Bank in Latvia, which is part of the Eurozone, will be eliminated after the scandal with money-laundering, said the European Central Bank (ECB).

«The ECB has identified ABLV Bank as failing or as a Bank, which is likely to collapse… the Bank and its subsidiary in Luxembourg will be liquidated under the laws of Latvia and Luxembourg, respectively», — stated in the message controller.

Network to prevent financial crimes FinCEN, which is subordinate to the U.S. Treasury, earlier in February, suggested to block Latvia’s ABLV Bank correspondent accounts in dollars from-for suspicions in money laundering and bribing officials.

«The Bank has experienced a sharp withdrawal of deposits and lack of access to funding in US dollars. This led to the fact that the Bank was not able to make payments in dollars», — informs the ECB.

Latvia Commission of financial and capital market Commission (FCMC is received), carrying the instruction of the European Central Bank, 18 February at an extraordinary meeting adopted a decision to impose a ban on debit transactions with client accounts АBLV Bank in any currency.

Ministry of defence of Latvia said that the scandal in the financial sector may be the information campaign against the country.


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