FinCEN: Latvia’s action to address the threat to the financial system posed by ABLV Bank was reasonable, responsible and effective

Thursday, 26 September, the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury published a statement withdrawing the draft decision of 16 February 2018 against joint-stock company ABLV Bank. In the statement, FinCEN confirms that its concerns about ABLV Bank in 2018 were justified while concluding that the comprehensive measures taken by the Latvian government and competent authorities to address the threat to the international financial system posed by ABLV Bank’s activities have been effective.

Latvia has taken decisive steps to prevent further or recurrent disruptive effects of ABLV Bank’s activities on Latvia’s national reputation and financial system and to bring to justice those accused of criminal offences. The State has also acted responsibly to prevent the abuse and criminal exploitation of Latvia, its financial market participants and clients by introducing multifaceted, targeted and irreversible reforms in anti-money laundering policy, regulatory requirements and the independence and cooperation capacity of competent authorities.

Latvia is pleased that the FinCEN statement reinforces confidence in Latvia as a country governed by the rule of law, whose responsible authorities prevent the entrenchment of criminal interests in our country, strengthen confidence in the integrity and security of Latvia’s financial system, and promote interest in Latvia among honest investors and international partners, thereby enhancing the country’s competitiveness. We will continue to work with the European Union (EU) and global partners to identify existing and emerging risks early and take action to address their negative impacts.

Full information is provided on the website of the Ministry of Finance: https://www.fm.gov.lv/en/article/fincen-latvias-action-address-threat-financial-system-posed-ablv-bank-was-reasonable-responsible-and-effective