FINCEN MOVES TO BLOCK ALL USA CORRESPONDENT RELATIONSHIPS WITH LATVIAN BANK OVER ML CONCERNS
February 1st, 2018
THE USA’S Financial Crimes Enforcement Network (FinCEN) has proposed banning correspondent bank relationships within the United States for the Latvia-based ABLV Bank which it says has aided money laundering. With US treasury secretary Steven Mnuchin immediately backing the move, the clampdown is sure to happen, maybe within three months. Mnuchin highlighted “deficient practices…including activity linked to North Korea’s weapons programme and corruption connected to Russia and Ukraine.” In a statement, FinCEN went as far as saying “ABLV has ...
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