CYPRIOT POLICE RAID BANK IN MONEY LAUNDERING PROBE

OCCRP reported on 31st May claims that Cypriot police had raided the premises of FBME Bank in Nicosia and in Limassol, looking for evidence of money laundering.  The bank’s headquarters is in Tanzania and has 2 service points in Cyprus.  In July 2014, FinCEN described FBME Bank as a “financial institution of primary money laundering concern” and banned US banks from dealing with it and the Central Bank of Cyprus imposed a new management, reducing the bank’s operations – and, in 2015, fined it €1.2 million for gaps in the implementation of AML legislation.

https://www.occrp.org/en/daily/9851-sources-cypriot-police-raid-bank-in-money-laundering-probe

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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