ECB Intervenes for Latvian Bank Accused of Helping N. Korea

Write : 2018-02-20 18:19:37 Update : 2018-02-20 19:27:05

ECB Intervenes for Latvian Bank Accused of Helping N. Korea

The European Central Bank(ECB) has stopped all payments by a commercial bank in Latvia to provide a lifeline for the bank that's reeling from an outflow of money over its suspected links to North Korea. 

According to Reuters, the ECB on Monday put a moratorium on ABLV, the third-largest bank in Latvia, to prevent additional bank runs. 

Last Tuesday, the U.S. Treasury Department accused ABLV of violating North Korea sanctions imposed by the U.S. and the European Union by assisting money-laundering activities for companies with ties to the North, causing an outflow of 600 million euros, equivalent to almost a quarter of the bank's total deposits. 

The U.S. Treasury also said ABLV facilitated a monetary transaction related to the shipment of North Korean missile parts. 

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