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Criminal Proceedings against ABLV Bank Closed
Bureau for the Prevention of Corruption and the Fight against Corruption (Korupcijas novēršanas un apkarošanas birojs; KNAB) did not find evidence of corruption on the part of ABLV Bank executives, as stated by the US Financial Crimes Enforcement Network (FinCEN).
KNAB confirmed that on March 26, the investigator of the case decided to close the criminal proceedings initiated on the basis of the FinCEN report for lack of evidence, and the supervising prosecutor approved this decision.
The FinCEN report claimed that by 2017, ABLV’s management had given bribes in order to influence Latvian officials in order to avoid sanctions for the Bank’s risky activities.
ABLV Bank stated the charges caused serious damage to the Bank.
As a reminder, the Financial and Capital Market Commission, acting under the instructions of the European Central Bank, ordered ABLV Bank to stop all payments as of February 19, 2018 due to the report of the US Financial Crimes Enforcement Network (FinCEN) on ABLV Bank’s participation in international money laundering and corruption schemes.
In February 2018, ABLV Bank’s shareholders decided to start the liquidation process in order to protect the interests of their customers and creditors. In 2020, the bank planned to pay off 95% of claims and complete the self-liquidation process by 2023.