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Treasury Moves To Bar Latvian Bank Due To North Korea Ties

Law360 (February 13, 2018, 8:05 PM EST) -- The U.S. Department of Treasury on Tuesday moved to block Latvia’s second-largest bank from accessing the U.S. financial system after an investigation found that it had allowed illicit funds that were used to help North Korea’s missile program and other criminal activities.

The Financial Crimes Enforcement Network filed a notice of proposed rulemaking under Section 311 of the USA Patriot Act that would bar Latvia’s ABLV Bank from doing business in the United States or opening up correspondent accounts with other banks that would allow it...
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