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USA may impose sanctions against the Latvian Bank, which served Kurchenko

ABLV Bank will submit written objections to the Ministry of the Treasury

Photo: ABLV Bank in Riga / Facebook

Organization for combating financial crimes U.S. Department of Treasury (FinCEN) has proposed to impose sanctions on the Latvian Bank ABLV Bank. This is stated in the report of the office of February 12.

The Bank can block access to the U.S. financial system and prohibit correspondent accounts in the United States.

According to FinCEN, managers, shareholders and employees of ABLV Bank was engaged in money laundering. The financial institution allegedly collaborated with a number of individuals included in the sanctions list of the USA and the UN.

As one example, FinCEN reminds that the Ukrainian businessman Sergei Kurchenko, who were part of the entourage of the former President of Ukraine Viktor Yanukovych in 2014 transferred “billions of dollars” through the accounts of shell companies in ABLV Bank. The Bank conducted business from nine such companies Kurchenko.

Also, according to FinCEN, within 2017, the heads of ABLV Bank, gave bribes to officials of Latvia to reduce risks for their business.

Latvian edition TV.NET writes that ABLV Bank within 60 days submit written objections to the U.S. Treasury.

In total assets at the end of September 2017 ABLV Bank was the third largest Bank in Latvia. Its shareholders are Oleg fil, Ernest Bernis and Nika Berne-directly and indirectly owned by 87,03% of the Bank’s equity. ABLV Bank bonds are listed on the securities list of Nasdaq Riga. The financial institution is under the direct supervision of the European Central Bank.

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