Bank of Latvia president Ilmārs Rimšēvičs, was charged Thursday, June 28, with accepting bribes. Rimsevics has been a suspect of bribery since February, when he was questioned by Latvian anti-corruption authorities.
On February 13, 2018, the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a notice accusing ABLV bank of laundering money from countries like Russia and North Korea, helping them to evade sanctions, among other things. ABLV was promptly denied U.S. dollar funding. Simultaneously, depositors rushed to remove their money. Less than a week later, to prevent the bank’s disorderly collapse, the Latvian regulator and the ECB froze all payments out of ABLV. They authorised ABLV’s execution less than a week after imposing the moratorium.