FBME Money Laundering Injunction Is Win For Transparency
By Evan Weinberger (August 28, 2015, 9:45 PM EDT) -- A federal judge's ruling that FBME Bank Ltd. was entitled to more information about how the government determined it was a threat to the U.S. financial system could bring more transparency to the process, but will not set a major obstacle to future designations or save FBME.
The Financial Crimes Enforcement Network had designated FBME a "primary money laundering concern" and passed a rule cutting it off from any transactions with U.S. financial institutions or from clearing U.S. dollars. But the Thursday decision by U.S. District Judge Christopher R. Cooper in Washington blocks that rule, finding FinCEN had violated the Administrative...
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