ECB orders Latvia to close bank accused of money laundering

Latvian finance minister says 12 further banks in country may be at risk from money laundering

Ilmārs Rimšēvičs
Bank of Latvia governor Ilmārs Rimšēvičs
Latvijas Avīze/Bank of Latvia

The European Central Bank has ordered financial regulators in Latvia and Luxembourg to close a Latvian commercial bank accused of large-scale money laundering by the US Treasury.

The ECB’s supervisory arm says in a statement issued on February 24 that it had determined on the previous day that ABLV Bank was “failing or likely to fail”, along with its Luxembourg-based subsidiary. The ECB describes ABLV as Latvia’s third-largest bank, and directly supervises ABLV because of its size. It had

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