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In FBME’s Challenge to FinCEN Designation, a Peek at the Power of Section 311
By Colby Adams
printA 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. FBME Ltd., which primarily operates in Cyprus, secured a temporary injunction last week against the department's decision to deem the bank a "primary money laundering concern" as of Aug. 28, effectively barring it from access to the U.S. dollar. In the ruling, U.S. District Judge Christopher Cooper said he issued the injunction because the department's Financial Crimes Enforcement Network, or FinCEN, failed to properly disclose "large portions" of...
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