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.
Attorneys for a Tanzanian and Cypriot bank will ask a federal judge to review the U.S. Treasury Department's second attempt since July to blacklist their client under the Patriot Act.
Attorneys for a Tanzanian bank have argued that the second U.S. attempt to blacklist their client under the Patriot Act relies on questionable evidence and the assistance of a "corrupt, lawless" foreign regulator.
A federal judge on Friday granted the U.S. Treasury Department a second shot at blacklisting a Tanzanian financial institution for its purported facilitation of money laundering and sanctions violations.
The 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.
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