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25 February, 2018 00:00 00 AM

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ECB warns Latvian bank may fail amid laundering claims

AFP

AFP, BERLIN:  The European Central Bank warned yesterday  that Latvia's third-largest lender ABLV was at risk of failing, after freezing payments following money laundering allegations from Washington.

"Due to the significant deterioration of its liquidity, the bank is likely unable to pay its debts or other liabilities as they fall due," the ECB said in a statement.

The ECB this week announced it was freezing payments to ABLV, providing another shock to Latvia's financial sector after its central bank governor Ilmars Rimsevics was barred from carrying out his duties amid claims of bribery.

"The bank did not have sufficient funds which are immediately available to withstand stressed outflows of deposits before the payout procedure of the Latvian deposit guarantee fund starts," the statement said.

Last week the US Treasury Departmentnamed ABLV "an institution of primary money laundering concern" and accused it of connections to North Korea's weapons development programme.

 

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Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
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Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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