Court Rules Latvian Bank ABLV May Keep Luxembourg Branch

www.oann.com | 3/10/2018 | Staff
LUXEMBOURG (Reuters) – Latvia’s ABLV Bank, accused by U.S. authorities of large-scale money laundering, will be allowed to look for new investors for its Luxembourg branch after a court there ruled against forced liquidation by EU authorities, the bank said.

The decision comes after the European Union’s Single Resolution Board and the European Central Bank (ECB) said last month ABLV was failing and would be wound up.

Allegations - US - Authorities - Latvia - Bank

It followed allegations by U.S. authorities Latvia’s third-biggest bank had covered up money laundering, bribed officials and facilitated the breach of sanctions against North Korea. ABLV has denied wrongdoing.

The accusations effectively froze the bank out of U.S. dollar financial markets, prompting its closure and hurting some local peers.

Luxembourg - Court - Friday - Request

But the Luxembourg court on Friday rejected a request...
(Excerpt) Read more at: www.oann.com
Wake Up To Breaking News!
Sign In or Register to comment.

Welcome to Long Room!

Where The World Finds Its News!