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Six to eight Finance and Capital Market Commission officials may work at ABLV Bank

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUSix to eight FCMC trusties may work at the liquidated ABLV Bank, says Finance and Capital Market Commission chairman Pēters Putniņš.

«So far we’ve estimated there could be six to eight people. The final number will become known this summer. We will provide as many people as necessary,» said FCMC chairman.

Putniņš admits that of all the methods accessible to Latvia in order to perform the bank’s liquidation, the one picked and approved by ABLV Bank provides maximum presence and involvement for FCMC and other institutions during the liquidation process. «Insolvency and forced liquidation does not provide any involvement from FCMC,» he said, adding that the institution’s control over ABLV Bank’s liquidation will be direct.

He also added that during ABLV Bank’s self-liquidation process FCMC’s control will cover mostly money laundering prevention matters.

«We depend on liquidators assigned to the bank, of course. Still, it is only the first step. We will follow up with independent experts and firms to check the bank’s finances. Our wish was to use neutral players capable of checking control over the flow of finances. We will definitely have to perform historical control and ensure automatic screening. We will also have to check clients manually, as well as check true beneficiaries and possible sanction breaches. There is a lot of work ahead of us. We will likely need consultations from investigative accountants. The control mechanism will be formed from multiple parts – liquidators, independent experts and firms. We will also watch over our team of experts. FCMC will also give green light to all stages liquidators pass through. We will accept all costs,» said Putniņš.

He adds FCMC and attracted experts have been working on a detailed ABLV Bank’s liquidation plan for two the three months. FCMC plans to hire independent experts for certain aspects of the liquidation process.

«We do not want to leave any stone unturned. Everything we have pledged to do has to be done properly. Together with the control mechanism provided by the bank, we will also follow the process. As far as I’m aware – the Control Service intends to work the same way – using its own resources and hired help. I believe the system will be massive and will guarantee questionable money has left ABLV Bank accounts, allowing us to put to rest concerns from our international partners. State Police and Control Service will decide the fate of what is left,» says Putniņš.

He also says the process has also helped uncover the truth to justified and unjustified criticisms directed at the bank. «We definitely want to reach the root of the matter – find out what exactly happened there. The liquidation process will definitely help us there,» said the chairman of FCMC.

When asked what happens if FCMC fails to present proof to debunk accusations voiced by US Department of Treasury’s Financial Crimes Enforcement Network, Putniņš said – if proof is found, not much will change, because claims have already led to the bank’s liquidation and revoking of its license. «Of course, we will be able to review our monitoring approaches and perform a post factum analysis. But there will be a point in such actions once the liquidation process progresses past a certain point and it becomes clear which direction the wind blows,» he added.

However, if no proof is found, the matter will be in the hands of US government institutions, according to Putniņš. «We understand the part with specific accusations – Moldavia and all the scandals for which we have penalized the bank already. As for the claim that the bank was founded from the ground up with money laundering in mind and that it had no legal business to begin with – only a conspiracy of shareholders, board members and clients… Those are some very serious accusations that require proof. We requested proof from US authorities,» said FCMC chairman.


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