Today, Latvia’s ABLV Bank—its third largest, and largest private bank—announced that it had received approval from the Council of Financial and Capital Market Commission (FCMC) to liquidate, and that the Bank was proceeding with the process...
Latvia launched just 85 money-laundering investigations in 2017 even though its banks flagged 17,900 suspect transactions, data seen by Reuters shows, highlighting the challenge the Baltic state faces in repairing its tarnished reputation.
Latvia's ABLV Bank is failing or likely to fail and will be wound up as saving it is not in the public interest, the European Union's Single Resolution Board and the European Central Bank (ECB) said separately on Saturday.
Latvia's central bank provided an emergency loan to troubled lender ABLV on Friday, offering it a potential lifeline as a European Central Bank deadline approaches for the bank to present a credible survival plan.
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