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ECB Freezes All Payments by Latvia’s ABLV Bank Amid Treasury Department Probe

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The ECB has frozen all payments by a Latvian bank, following accusations by the U. S. that the small bank laundered billions in illicit funds, including for companies connected to North Korea’s banned ballistic-missile program.
The European Central Bank has frozen all payments by a Latvian bank, following U. S. accusations that the small institution laundered billions in illicit funds, including for companies connected to North Korea’s banned ballistic-missile program.
The ECB—which supervises ABLV Bank directly from Frankfurt—said it had imposed the moratorium following “a sharp deterioration of the bank’s financial position” since the U. S. proposed sanctioning the lender on Feb. 13….

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