US Asked to Lift Ban on Latvian Bank Accused of Money Laundering

Latvia is making a push to convince US regulators to back off a now-defunct bank as the Baltic nation seeks to turn the page on a scandal that involved accusations of money laundering and illicit payments throughout the former Soviet Union.

Finance Minister Janis Reirs, who made a personal appeal to US Treasury officials during the International Monetary Fund meeting in Washington in April, said it was time for American officials to lift a proposed ban against ABLV Bank AS, once the nation’s No. 3 lender. Easing off would help boost investment and wipe the stain from Latvia’s ...