FinCEN As Its Own Prosecutor, Judge And Executioner
Law360, New York (November 18, 2015, 10:06 AM EST) -- U.S. District Judge Christopher Cooper's ruling this month stems from allegations made by the Financial Crimes Enforcement Network in July 2014. Specifically, FinCEN alleged that FBME Bank Ltd. enabled customer involvement in terrorist financing, transnational organized crime and sanctions evasion, further claiming that FBME displayed a "willingness to service the global criminal element."
A year later, a final rule deemed FBME a "primary money-laundering concern" under the Patriot Act, and FBME sued, calling the rule a "death sentence" for the bank because the determination affects FBME's ability to maintain a correspondent banking relationship within the United States. Equally disruptive to business,...
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