Kenneth Rijock

Kenneth Rijock

Thursday, July 23, 2015

FINCEN SHUTS DOWN ALL ACCESS TO US FINANCIAL SYSTEM FOR FBME BANK LTD.


Remember FBME Bank, Ltd., better (& formerly) known as the Federal Bank of the Middle East, which was formerly found by FinCEN to be of primary money laundering concern ? FinCEN has now issued its Final Rule, barring the bank from all access to the American financial system. US financial institutions are prohibited from opening, or maintaining, correspondent accounts, or payable through accounts, for on on behalf of the bank. This is known as the Fifth Special Measure, the ultimate sanction, as it totally blocks FBME from the US banking structure.

It is recommended that you review the Final Rule, for you will see that the owners and operators, who engaged in terrorist financing, banking criminal organizations, and facilitating fraudsters, originally incorporated in Lebanon, then jumped to the Cayman Islands, and finally reincorporated in Tanzania, all the while operating their principal place of business in the Republic of Cyprus, where they found themselves, rightly so, in regulatory trouble.

Readers who wish to read the complete text of the Final Rule can access it here*.


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*Imposition of Special Measures against FBME Bank Ltd.


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