The FBME Bank, which has offices in Cyprus, is based in Tanzania and was established as a subsidiary of the Federal Bank of Lebanon. (TDS/From METALCO website)
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Cyprus was looking for buyers to take over branches of Tanzania-based bank FBME – which faces a U.S. money-laundering probe – after placing the operation under administration.The move by the Central Bank of Cyprus late Monday came after allegations by key European Union partners that the island's once-bloated banking sector had been engaged in laundering money on behalf of Russian interests. It said the aim was to sell the assets of the two local branches of FBME, after it froze them Friday, following U.S. Treasury allegations that the bank was a "primary money-laundering concern".In the statement, issued Monday, FBME said: "CBC staff members have been present at FBME Cyprus since July 18, monitoring and approving payment instructions.FBME transacts over 90 percent of its global banking business through branches in Cyprus, according to Washington.
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