FBME Bank's Tanzania license terminated after money laundering investigation
16-05-2017 11:33:09 | by: Bob Koigi | hits: 4011 | Tags:

 FBME Bank has been placed under further sanctions from international courts as part of a long list of problems caused by money laundering.

Most recently, the Federal Bank of the Middle East appealed against allegations of money laundering. A report from the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) called FBME a "primary money laundering concern", and this led to the central bank seizing control of FBME Bank's management in July 2014.

In April 2017, a U.S. court ruled in favor of FinCEN. This verdict made it possible for FBME Bank to be barred from the U.S. financial system. The 21st of April 2017, the Supreme Court in Bermuda ordered the Winding Up of the company 'Saab Financial (Bermuda) Limited', affiliated with FBME Bank, and appointed a provisional liquidator. The 5th of May 2017, the central bank in Tanzania, BoT, revoked the main banking license of FBME Bank Tanzania and appointed the local Deposit Insurance Board as the liquidator, the first steps for ultimate fund recovery of all accounts in Cyprus and Tanzania.

Legal Floris LLC represents clients of FBME Bank in Cyprus and Tanzania, and Saab Financial (Bermuda) Limited. The firm understands that there were customers with legitimate intentions and, unfortunately also with shady motives. Many clients were simply caught in a bad position, where others were attempting to conduct money laundering schemes. Legal Floris LLC is dedicated to helping those clients with good intentions and are now awaiting the next step in retrieving their funds.

The team at Legal Floris LLC works with FBME Bank clients to retrieve funds, fully compliant with common reporting standards and the automatic exchange of information.

For customers with accounts at FBME Bank in Cyprus, the first step is to claim their funds under the deposit protection scheme, as long as this is possible. A claim under this DGS reveals weaknesses for individual customers that can be adjusted and simplifies further fund recovery. Customers with accounts in Tanzania that were managed from Cyprus need a court order that determines the geographic location of their account. Customers of FBME Bank that invested in private placement programs via Saab Financial (Bermuda) Limited are encouraged to contact us at short notice to avoid missing out on the opportunity to claim their funds.

Currently, Legal Floris LLC represents more than 1.300 customers of Saab Financial (Bermuda) Limited and FBME Bank in Cyprus and Tanzania.

Now that FBME Bank is under liquidation, Legal Floris LLC foresees more clients stepping forward seeking funds that have been placed under restriction and offers their experience in recovery procedures for customers of the bank looking for assistance.