“ABLV Bank” recognizes more than 2.4 million euros as having been obtained criminally The news


Riga, July 1, LETA. The court of economic affairs has decided to recognize more than 2.4 million euros seized in a criminal proceeding as criminally obtained property, which was in the account of a private person in AS “ABLV Bank”, LETA agency found out at the prosecutor’s office.

In the pre-trial process, it was concluded that the private person’s funds were moved by imitating civil transactions, with the aim of moving them away from the source of the funds – the legal entity with signs of shell formation -, transferring part of the funds to the bank accounts of other legal and natural persons, while using the other part for personal needs.

The court decided to confiscate these funds and transfer them to the Latvian state budget.

The decision can be appealed to the Riga Regional Court within ten days from the day the decision is made available.

LETA already announced that, for the maximum protection of the interests of customers and creditors and taking into account the European Central Bank’s decision to start the liquidation process, the shareholders of “ABLV Bank” at an extraordinary meeting on February 26, 2018 decided to self-liquidate, while the Council of the Financial and Capital Market Commission in 2018. on June 12, allowed “ABLV Bank” to start the self-liquidation process. As of July 12, 2018, the European Central Bank has canceled the license issued to “ABLV Bank”.

ABLV Bank’s problems arose after the US Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) announced in mid-February 2018 that it plans to impose sanctions on “ABLV Bank” for money laundering schemes that have helped North Korea’s nuclear weapons program, as well as illegal activities in Azerbaijan, Russia and Ukraine.

See also  Warn Thai investors The Crypto Crisis Is Not Over - Post Today Financial News - Stocks

The report published by “FinCEN” also states that the management of “ABLV Bank” used bribery until 2017 to influence officials in Latvia, trying to prevent legal actions directed against it and to reduce threats to its high-risk activities.

“ABLV Bank” has rejected the accusations, and the Corruption Prevention and Combating Bureau (KNAB) has announced that it has not found evidence of the involvement of “ABLV Bank” management in bribery, as “FinCEN” had claimed in its report.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.