Investors In Closed Andorran Bank Slam FinCEN's Methods

Law360, New York (March 30, 2016, 7:33 PM EDT) -- Investors in a now-defunct Andorran bank flagged as risky by the U.S. Department of the Treasury told a D.C. federal court Tuesday that their case is not moot because even though the agency has withdrawn its findings, they stand to lose their assets without court intervention.

The Financial Crimes Enforcement Network, Treasury's top financial crimes unit, has previously contended the case was not ripe because its notice of proposed rulemaking that labeled the Banca Privada d'Andorra SA of "primary money laundering concern" was not a final rule. Two weeks ago, FinCEN said that the case was moot because it had withdrawn the finding...

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