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ECB orders halt in payments by Latvian bank ABLV

Accusations of money laundering breaching sanctions North Korea

19 February, 13:42
(ANSA) - TRIESTE - Latvia's financial regulator has ordered the crisis-struck ABLV Bank to cease all payments on the request of the European Central Bank amid U.S. accusations of money laundering and breaching sanctions on North Korea.

The ECB said Monday that the Financial and Capital Markets Commission of Latvia has imposed "a prohibition of all payments by ABLV Bank on its financial liabilities" until further notice.

The ECB noted that ABLV has seen a sharp deterioration of its financial position. ABLV is Latvia's third largest bank by assets. (ANSA).

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