FBMEFrançois Berullier Menuiserie Ébénisterie (French cabinetmaking firm)
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The Central Bank of Cyprus (CBC) has welcomed the verdict by a Paris Arbitration Court, which turned down an application by FBME Bank against the central bank.
FBME was the subject of a 2016 series of stories by Asia Sentinel that described the alleged laundering of millions of US dollars out of the Indonesia-based Bank Mutiara, formerly known as Bank Century, which was looted by its owner, Robert Tantular, and others during the global financial crisis of 2009.
In a statement, the BoT said: "The Bank of Tanzania has discontinued all banking operations of FBME Bank Ltd, revoked its banking business license and placed it under liquidation."
The Bank of Tanzania annulled the business licence of the Federal Bank of the Middle East (FBME), and placed it under liquidation following accusations by the US government of large-scale money laundering effective 8 May 2017
FBME has a duration of 60 days in which to respond to the concerns raised in this notice, which has resulted in its commissioning this independent probe by Ernst and Young, USA.
In his monthly meeting with a delegation from the Association of Banks in Lebanon, Salameh indicated that the designation of the Cyprus-based FBME Bank as a primary money laundering concern by the U.S.
Governor Benno Ndulu of the Bank of Tanzania (BoT) said his institution and the Financial Intelligence Unit (FIU) have placed the FBME under surveillance following last week's detailed dossier issued by the US Treasury Department about the bank's "shady" financial transactions amounting to US$875 million.
THE Russian embassy in Cyprus on Friday did not wish to go into detail over a story that has emerged this week concerning the fate of a sum of money from Russian investors for the ongoing construction of a cathedral in Limassol, as the funds sit in an account at the now liquidated FBME bank.
The International Court of Arbitration in Paris has ruled in favour of the Republic of Cyprus in the case of the Federal Bank of the Middle East (FBME), which the Central Bank of Cyprus decided to place under resolution in 2014.
Global Banking News-April 13, 2018--Tanzania's FBME Bank helped Kazakh leaders to launder money
Cyprus was reportedly looking for buyers to take over branches on the island of Tanzania-based bank FBME after it placed the operation under administration as it faces a US money-laundering probe, Yahoo Finance reported on Tuesday.
Summary: Cyprus was looking for buyers to take over branches of Tanzania-based bank FBME -- which faces a U.S.