AML Compliance allegations lead to fight over severing of access to U.S. financial system
FBME Bank, based in Tanzania, is fighting once again to appeal implementation of U.S. FinCEN’s effort to sever the bank from access to the U.S. financial system.
The U.S. Treasury’s FinCEN agency in July of 2014 issued notice that FBME, formerly known as Federal Bank of the Middle East, had been designated by the agency as a “primary money laundering concern.” That FinCEN notices details the history of the bank and provides details of FinCEN allegations that “FBME facilitates money laundering, terrorist financing, transnational organized crime, fraud schemes, sanctions evasion, weapons proliferation, corruption by Politically- Exposed Persons, and other financial crimes.”
FBME has been fighting in court for three years to prevent the implementation of the FinCEN order, but last week a federal court in Washington, D.C. upheld the FinCEN action. FBME is appealing that ruling.
The bank, which does much of its business through a branch in Cyprus, in its appeal asserts that the FinCEN action will “inflict irreparable harm” without the bank having access to the full process of judicial review.
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