OREANDA-NEWS. January 30, 2013. In response to public space discussions and interpretations regarding the activities of AB Ukio bankas, we categorically deny the unfounded allegations and assure that AB Ukio bankas complies with the statutory law of the Republic of Lithuania and European Union directives, including anti-money laundering regulations, reported the press-centre of Ukio Bankas.

Unfortunately, inaccurate wording and simplified description of the situation with essential legal aspects omitted often lead to erroneous interpretations. The Bank is often in a disadvantageous situation because it cannot disclose and comment the client’s data. We disclose personal data only in cases and in the manner provided by the law.

In recent public discussions AB Ukio bankas is related to the so-called ‘Magnitsky case’. The Bank was immediately accused in public for ‘having laundered’ big amounts of money although no pre-trial investigation involving the Bank or its employees has been started. It is an international resonant case involving many states and a number of financial institutions. AB Ukio bankas duly replied to the procedural document and furnished the investigating body with all necessary documents as provided by the law. In October 2012 we received an official statement from the Prosecutor General’s Office of the Republic of Lithuania stating that no pre-trial investigation into alleged criminal offence by AB Ukio bankas or any of the Bank’s employees had been started. The fact that the Bank assists the investigation by submitting the required documents to law enforcement institutions does not constitute any basis for accusing the Bank of alleged criminal offence.

It should be noted that the Bank performs its direct functions, namely conducts financial transactions following all applicable anti-money laundering procedures. However, the Bank cannot and does not have to conduct investigations into allegedly criminal acts. Such investigation is the prerogative and the responsibility of respective national authorities who decide what measures to use for the investigation. It is not and never was in the interest of the Bank to hide or cover potential criminal acts and the Bank never does that. On the contrary, we always collaborate with law enforcement institutions and within our powers support the detection of possible crimes. We will do the same in the future, irrespective of unfavourable comments about the Bank’s activities.

A public interpretation of another event was also surprising. In May 2010 in the civil case lodged by Kaunas County State Tax Inspectorate Kaunas District Court recognized USD 11 million, EUR 765 thousand and CHF 25 thousand in bank accounts opened with Ukio bankas of different companies registered abroad as abandoned property and unclaimed assets and passed the ruling to transfer the said assets to state ownership. Now the Bank is again accused of money laundering. However nobody has mentioned that AB Ukio bankas, following strict anti-money laundering procedures and aiming to prevent the potential crime, reported the suspicious transactions to law enforcement institutions and actively supported the investigation.

Erroneous interpretations and unjustified claims regarding alleged criminal acts undermine not only AB Ukio bankas goodwill but also jeopardise the national banking market and deteriorate the country’s image. We should follow Estonia’s example where officers collaborate with international investigators in the same Magnitsky case without discrediting the financial institutions of their state and without spreading unjustified rumours.

Ukio bankas has been delivering reliable financial services to Lithuanian citizens and businesses for three decades. We are well aware of their needs and make our best to answer them. We work conscientiously every day to make our services beneficial and accessible. We are proud of our clients’ appreciation and value their confidence. We will do our best to justify this confidence.

AB Ukio bankas management repeatedly assures our present and future clients that the Bank complies and will comply with the legislation of the Republic of Lithuania and European Union Directives (including the anti-money laundering regulations). The Bank’s operations are appropriately supervised and controlled by relevant state institutions. AB Ukio bankas always collaborates and will collaborate with responsible national authorities in order to detect all possible criminal acts.