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Ceturtdiena 09.04.2020 | Name days: Valērija, Žubīte
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Corruption watchdog performs search at liquidated ABLV Bank

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ablv bank, corruption, investigation, KNAB, investigationOn Tuesday, 28 January, Latvian Corruption Prevention and Combating Bureau (KNAB) performed investigative activities at the liquidated ABLV Bank.

KNAB reports that relevant activities at the bank are performed following an order from the Office of the Prosecutor General. Considering KNAB is not the one in charge of the process, it is not authorized to provide any information.

Prosecutor General Ēriks Kalnmeiers also did not provide any detailed information, adding that he cannot disclose this information. He nevertheless promised the Office of the Prosecutor General would provide a press-statement on Tuesday.

ABLV Bank communication department’s head Jānis Bunte says representatives of law enforcement arrived at the bank’s office on Skanstes Street on Tuesday, 28 January. However, the bank does not have information what this activity is related to.

«We do not have any accurate information what this activity is related to. However, both the bank and its shareholders had previously affirmed readiness to cooperate with all institutions. The bank has provided the Finance Intelligence Service full access to all of ABLV Bank’s historic data. In September 2019 state institutions were provided thousands of documents to state institutions,» said Bunte.

He adds the bank and its shareholders are interested in careful inspections for both creditors and the bank’s operations.

Read also: Media suggests amount of «dirty money» in ABLV Bank may exceed one billion euros

To ensure maximum protection of customers’ and creditors’ interests and, considering the decision of the European Central Bank regarding commencement of the bank’s liquidation process, ABLV Bank shareholders made the decision at their 26 February 2018 meeting to self-liquidate the bank. Latvian Finance and Capital Market Commission’s council permitted ABLV Bank to commence the self-liquidation process on 12 June 2018. On 12 June 2018 European Central Bank annulled ABLV Bank’s license.

Problems for ABLV Bank started when US Department of Treasury Financial Crimes Enforcement Network announced in February 2018 its plans to establish sanctions against ABLV Bank for money laundering schemes that had assisted with North Korea’s nuclear arms programme, as well as illegal activities in Azerbaijan, Russia and Ukraine.


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