ECB orders Latvia to shutter bank over laundering allegations
US Treasury alleges bank laundered billions of dollars and had links to North Korea
The European Central Bank ordered a temporary shutdown of Latvia’s third-largest commercial bank, ABLV Bank, after it was accused of major money-laundering offences by the US government.
The ECB said in a statement released today (February 19) that there had been “a sharp deterioration of the bank’s financial position” following public allegations of money laundering by the US Treasury.
“ABLV has institutionalised money laundering as a pillar of the bank’s business activities,” US Treasury
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