By Brian Monroebmonroe@moneylaundering.comThe U.S. Treasury Department has prohibited business with one Latvian bank, VEF Banka, while letting another, Multibanka, off the hookThe department's Financial Crimes Enforcement Network this week finalized a special designation as a "primary money laundering concern" against VEF Banka, and banned U.S. banks from opening or maintaining correspondent accounts with the institution.FinCEN's decisions came after a year of study, during which time, the agency acknowledged, the company improved its policies and closed more than 600 suspect accounts.That wasn't enough. "Despite the steps VEF already has taken, we have continued concern with reported links between the bank's ownership...
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