ECB lacks power to investigate money laundering, Nouy says
Frankfurt ordered shutdown of Latvia’s ABLV Bank after US Treasury accused it of illicit practices
The European Central Bank lacks the investigative powers to combat money laundering, Danièle Nouy, chair of the supervisory board of the Single Supervisory Mechanism (SSM) at the ECB, said in a statement published today (February 22).
The central bank decided to temporarily shut down Latvia’s third-largest ABLV Bank on February 19, arguing its financial position had suffered a “sharp deterioration”. The previous week, the US Treasury had accused the bank of having “institutionalised money
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