The U.S. financial intelligence unit rejected claims that its most recent attempt to blacklist a Tanzanian and Cypriot lender as a "primary money laundering concern" was based mostly on analysis of suspicious activity reports.
A Tanzanian lender stands to lose hundreds of millions of dollars and access to foreign bank accounts in the likely event that it loses a legal battle with the U.S. Treasury Department.
The U.S. Treasury Department Tuesday designated a Belarusian bank a primary money laundering concern under the Patriot Act for allegedly helping shell companies transact over a billion dollars in suspicious transactions.
A Beirut-based lender acted as a "primary money laundering concern" by handling hundreds of millions of dollars for drug traffickers and a designated terrorist organization, U.S. officials said Thursday.
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