Prosecutor General: All ABLV transactions will be impossible to monitor

The Kontroles dienests (Control department, KD), an institution responsible for combating money-laundering, won't be able to track each transaction during the liquidation of the ABLV Bank, said Prosecutor General Ēriks Kalnmeiers appearing on Latvian Radio June 13.

"There are billions of transactions to make. It will be impossible to control. I think that neither the Financial and Capital Markets Commission (FKTK), nor the Control department are in the clear as to how exactly it will take place," he said.

He admitted, however, that the law doesn't require for the Control department to take part in the upcoming liquidation of ABLV.

While Finance Minister Dana Reizniece-Ozola told Latvian Television June 13 that the institution will be given extra funds to hire consultants for this case.

"The Control department - now lead by Ilze Znotiņa - will be granted resources so that they can hire professional consultants that would help them do their job regarding the ABLV self-liquidation process. It's so that, if any dirty money is spotted, the Control department can process it and do their work professionally and independently from the liquidators and consultants chosen by the bank," she said.

As reported, Latvia's financial regulator, the FKTK announced June 12 it had decided to allow ABLV bank to undergo a process of self-liquidation.

The decision came three months after ABLV made an application to do so in the wake of money-laundering allegations by the U.S. financial authorities and a week after FKTK postponed a decision on the matter while hinting that self-liquidation was not the most likely course of action, as previously reported by LSM.

0 comments
Comment
Comment using your social media profile
Society
Society