Putnam: ABLV Bank to liquidate could employ six to eight FCMC trustees

Photo by Sintija Zandersone / LETA

FCMC President, Peter Putnins

ABLV Bank to liquidate could to work six to In an interview with LETA

the President of the Committee on Financial Markets and Capital of the LETA (Commission of Financial Markets and Capital) (CFMC), eight commissioners to the Committee on Financial Markets and Markets However, the staffing and the number will be fully determined during the summer.

Putnins acknowledged that the liquidation model approved by ABLV Bank from all legally possible variants available in Latvia to eliminate the bank ensures the presence of the largest FCMC and other institutions in the liquidation process . , as well as in the badessment of the legality of money. "The insolvency or the so-called forced liquidation does not ensure the participation of any FCMC," he added, noting that the liquidation of ABLV Bank would be directly and directly controlled. by the FCMC.

He also pointed out that ABLV Bank would be more affected by the control of the FCMC. Money Laundering Problems (MLBA)

"In this work, we of course rely on the liquidators appointed by the bank, but this is only a first step.The following will be followed by independent experts and companies able to test the funds.Our desire was to have neutral players able to provide cash controls.There will certainly be historical control there, an automatic screening section has to to be provided, the clients must be manually checked, reviewed by the actual beneficiaries, and checked for possible sanctions violations.There will be a lot of work.Likely, the opinion of the investigative accountants will be the mechanism will be composed of several parties – there will be both bank liquidators and independent external experts and companies as well as ourselves, because we will all be followed by Our team of trustees The FCMC will also make the final acceptance of all the steps that the liquidators will have gone through. He noted that for two months, along with the bank liquidators and other relevant experts, ABLV Bank's detailed liquidation plan, including an independent expert under contract with FCMC, will be dealt with for two months, as all matters will not be considered by the Commission.

"We do not want to leave any empty space, and everything we have determined must be done and badured. With the mechanism provided by the bank, we will also follow this process. As far as I know, the Control Service – both with its own resources and with recruited consultants – will function in the same way. I think that the system will be sufficiently developed so that we can guarantee that the ABLV Bank accounts have left the money for which this right has been granted and that we will be able to remove all international doubts. In turn, the fate of the rest will have to be heard by the Control Service and the state police, "said Mr. Putnins

believing that this process would uncover enough truths about the bankers' complaints, but not profitable. "We definitely want to get the truth out of the truth, as all that has been. Asked what will happen if the FCMC does not provide evidence of the above statements by the Financial Crimes Enforcement Administration of the US Department of Finance (FinCEN), and what would happen if the Putinians pointed out that if the evidence is found, nothing will change much, because the bank has already arrived at the end because of these claims before the liquidation and the cancellation of the license. "Of course, we will be able to evaluate our own monitoring techniques and post-factum badysis, but it makes sense to do this when we have gone far enough in the liquidation process and we will be able to understand the direction in which the weights are weighed. "In contrast, if no evidence is found, US government authorities. "For our part, we understand the part where specific violations are mentioned – Moldova and all these scandals, for which we also punished the bank, there were some bug fixes, etc. The fact that the bank has already was founded with the purpose of laundering money and the other that the bank had no legal business was a conspiracy between the shareholders, the board and the customers, in which there was only one and they must be able to prove it.We have asked these facts for the US side.As far as I know, law enforcement agencies are also operational, "said Flick.

Putnins added that for the moment, the FCMC only has the right to deal with the facts enumerated and, within the meaning of the CFMC, these cases are subject to correction. "All the corrective measures we are asking for have given the. hope that there could be Meme it changes in the bank. There is no information on the criminal component mentioned and it is not present at the moment. Therefore, I can not comment, I can not talk about it. I can only speak about what I know and the facts that we have found. (..) The answer will be the liquidation process. This is also one of the tasks – we must discover the truth, and hope that it will succeed, "said the leader of the FKTK