Cyprus Mail
Cyprus

FBME to challenge FinCEN’s ruling in court

THE decision by the US Department of Treasury’s Financial Crimes Enforcement Network, also known as FinCEN, to prohibit US financial institutions from opening or maintaining correspondent accounts or payable through accounts for or on behalf of FBME bank in Cyprus, lacks substance and will be challenged in court, according to a press release issued on Monday.

The announcement by the shareholders of FBME stresses that the bank plans to vigorously fight this decision, using every legal measure available, “not excluding a civil suit against the Department of Treasury filed at a Washington federal court.”

The release adds that more details will be made available soon at the bank’s website, www.fbmeltd.com .

A year ago, FinCEN said that it had found FBME to be “of primary money laundering concern under section 311 of the USA Patriot Act and issued a notice of proposed rulemaking which purposed the imposition of measures against the Tanzania-registered bank.”



Related posts

Coronavirus: 130 cases announced on Saturday (Updated)

Jean Christou

‘There is another wall in Cyprus – the privileged and non-privileged’

Peter Michael

Cyprus to denounce Oktay’s entry to Varosha

Open University Covid livestream underway

Staff Reporter

Coronavirus: impromptu school closures not sanctioned, Prodromou says

Peter Michael

Supermarket employee suspected of stealing almost €200,000 from tills

Peter Michael

7 comments

Comments are closed.