Withdrawal of Finding

Withdrawal of Finding

Withdrawal of Finding: Vef Banka in 2011

United States views on international law (based on the document “Digest of U.S. Practice in International Law”): On August 1, 2011, FinCEN withdrew a finding of primary money laundering concern and repealed the rule imposing a special measure relating to VEF Banka, a bank headquartered in Riga, Latvia. 76 Fed. Reg. 45,689 (Aug. 1, 2011). see this world legal encyclopedia in relation with the year 2006 at 249-52 for discussion of the original finding and notice of proposed rulemaking for VEF Banka. The notice in the Federal Register explained the reasons for FinCEN's action:

Developments

On May 26, 2010, VEF Banka's Latvian banking regulator, the Financial and Capital Market Commission (the ''FCMC''), revoked VEF Banka's operating license on the grounds that the shareholders of the bank had not received authorization from the FCMC for the acquisition of qualifying holdings and the bank failed to ensure compliance with provisions of the Credit Institution Law. As a result, the shareholders had no decision-making rights and were unable to ''ensure prudent bank operations.'' The FCMC's decision to revoke VEF Banka's license was confirmed by the Senate of Latvia's Supreme Court on July 22, 2010 and terminated VEF Banka's ability to operate as a financial institution under Latvian law. On November 15, 2010, the Riga District Court issued a nonappealable order to begin liquidating the bank. The liquidation process is expected to be complete in one to two years and will result in the disposition of all of VEF Banka's assets, including its subsidiary, Veiksmes lizings.

Resources

See Also

  • International Criminal Law
  • International Crimes
  • Money Laundering

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