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FinCEN Asks Court for Chance to ‘Reopen’ FBME Bank Designation
By Colby Adams
printThe U.S. Treasury Department on Thursday acknowledged flaws in its designation of a Tanzanian bank as a money-laundering conduit and asked a federal judge for time to justify the sanction. In a status report, federal attorneys for the Financial Crimes Enforcement Network (FinCEN) said the bureau plans to "reopen" the final rule against FBME Bank Ltd. to address procedural errors cited by U.S. District Judge Christopher Cooper. In August, Cooper approved a temporary injunction on the rule sought by the bank. FinCEN failed to properly turn over all of the publicly available data leading to its decision to blacklist FBME...
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