ECB orders Latvia to close bank accused of 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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