U.S. State Department issues statement on Latvia's banks ahead of visit

The United States Department of State on February 20 issued a very brief press statement concerning the current developments in the Latvian banking and financial sector. It is reproduced in full below.

The United States has full confidence that the Government of Latvia will take the necessary steps to uphold the integrity of its banking and financial sector. For many years, we have been working together with Latvia to combat corruption, money laundering, and other threats to international security. Moving forward, the United States supports and will continue to help the Government of Latvia, the Latvian Financial Capital and Markets Commission, and Latvian law enforcement to realize our shared vision of a strong and well-regulated Latvian financial sector.

The release comes a week after a damning indictment of Latvia's ABLV bank by the U.S. Treasury, as previously reported by LSM.

The relase comes one day before Deputy Secretary of the State Department John J Sullivan is due to visit Latvia for meetings with senior figures including the President of Latvia, Raimonds Vējonis, and the Minister of Foreign Affairs, Edgars Rinkēvičs.

According to the Latvian Ministry of Foreign Affairs: "The meetings will address the further strengthening of partnership between Latvia and the U.S. in the field of security and defense, opportunities for expanding economic cooperation, as well as global security policy topics of current relevance."

John Sullivan is the most senior official from U.S. President Donald Trump’s administration to visit Latvia so far.

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