FBME Bank: Partial unblocking of accounts

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After the Financial Crimes Enforcement Network (FinCERN) accused FBME of facilitating financial transactions considered as money laundering, many accounts were stopped, effectively freezing account holders finances to launch an official investigation.

Today account holders have received a partial unblocking of accounts, but said Cyprus authorities could be doing a lot more to help them gain further access to their funds.

“A start has been made perhaps, but there are huge questions still unanswered” was said in a statement released yesterday.

Such questions like why this process has taken so long to implement, given that resolution measures have been in place for six weeks during which there have been ample funds available for depositors need to be asked. Additionally, why there has been a daily amount of withdrawal set for only €10,000? It is reported that FBME has $1.7B worth of available funds at present so there are more than enough resources to supply any demand. Lastly, account holders are asking why have these arrangements been set up solely with the Bank of Cyprus.

In their statement, FBME’s owners have claimed that only certain depositors have been granted limited access to their funds, which has left many wondering what this is all about and whether this action is discriminatory or not.