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Latvia's banking sector rocked by U.S. probe, central bank chief's detention
One of Latvia biggest banks was forced to seek emergency help on Monday after it was destabilized by money laundering allegations, hours after the separate detention of the central bank governor on suspicion of soliciting bribes. The financial sector in Latvia, a small euro zone state that shares a border with Russia, has come under wider scrutiny for being a conduit for illicit financial activities. ABLV Bank, the country’s third biggest lender, was on Monday ordered by the European Central Bank to stop all payments as its liquidity position had deteriorated sharply since the U.S. Treasury accused it of money ... (full story)