Police commence investigation on possible money laundering schemes at ABLV Bank
Latvia’s State Police has commenced an investigation about the possible money laundering operations at ABLV Bank, which were reported by Financial Crimes Enforcement Network (FinCEN) US Department of Treasury.
Police have requested detailed information from ABLV Bank’s partners about facts based upon which FinCEN made its conclusions. Finance and Capital Market Commission has also been asked to provide information. Once all information is received, police will make an appropriate decision, said State Police press-representative Ilze Jurēvica.
As it is known, FinCEN announced in the middle of February that it plans to impose sanctions against ABLV Bank for supposed money laundering schemes that had supposedly helped North Korea’s nuclear arms programme, as well as illegal Azerbaijan, Russia and Ukraine.
The report published by FinCEN details that until 2017 the management of ABLV Bank had been using bribery to influence officials in Latvia in an attempt to avoid legal action and threats to its highrisk operations.
ABLV Bank’s representatives had previously noted that the report is a proposal from the US department. Objections can be submitted in written form within 60 days. The bank searches for opportunities to convince FinCEN to reconsider its proposals.