Latvia: US removes ABLV Bank from money-laundering list

The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has removed Latvia’s ABLV Bank from its list of financial institutions posing a risk of money laundering, LSM reports. The European Central Bank revoked ABLV’s banking licence in 2018 after FinCEN added the bank to the list. ABLV’s liquidation is now nearly complete, and the bank no longer poses a threat to the US financial system, FinCEN concluded. At the same time, FinCEN noted Latvia’s legal and regulatory reforms to strengthen the country’s ability to prevent money laundering following ABLV’s collapse.