Cyprus Central Bank was forced to take action against FBME "for the integrity of the entire banking system"

The Central Bank of Cyprus has made a statement about how they were obligated to take action against resolved Tanzanian bank FBME in 2014 to protect the Cyprus banking system. Concern was raised regarding the lack of action taken by other governmental bodies against the bank’s Directors. Three years ago, FinCEN (the Financial Crime Enforcement Network is a sector of the US Treasury) released a statement describing FBME as an institution with “major money laundering & terrorist financing concerns”. As a result of this, FinCEN consequently banned all transactions with any US based bank and FBME.


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