Bank ABLV Bank has sent their replies to the structure of the US Treasury Department for Combating Financial Crimes (FinCEN) to the report published in February about planned sanctions against the bank.
“We can confirm that the lawyers of ABLV Bank sent a letter to FinCEN on Tuesday, April 17. The letter enclosed more than 50 different documents that FinCEN is currently analyzing, as soon as this is done, the information will be reported to the public,” said the representative of ABLV Bank Arturs Eglitis.
He explained that the interests of ABLV Bank in this case are represented by the legal office of WilmerHale, and the process is managed by sworn advocate David S. Cohen.
As reported, on February 26, in order to maximally protect the interests of customers and creditors and taking into account the decision of the European Central Bank (ECB) to initiate the liquidation process, ABLV Bank decided to liquidate itself at an extraordinary general meeting of shareholders.
The bank’s problems began after FinCEN announced its planned sanctions against ABLV Bank for the implementation of money laundering schemes to help North Korea’s nuclear program and illegal activities in Azerbaijan, Russia and Ukraine. FinCEN also stated that ABLV Bank’s management used bribery until 2017 to influence officials in Latvia, trying to prevent legal actions directed against it and to reduce threats to high-risk actions.
Within 60 days ABLV Bank can submit their objections to FinCEN in writing.
