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Weekly Roundup: FBME Wins Preliminary Injunction Against FinCEN Designation, U.K. to Review AML Rules, and More
printA federal court granted FBME Bank, Ltd. a preliminary injunction against the U.S. Treasury Department's designation of the financial institution as a "primary money laundering concern" under the Patriot Act. In July, the department's Financial Crimes Enforcement Network formally accused the bank of acting as a conduit for dirty money laundering. More Anders Borg, the chair of the World Economic Forum, called on central banks and financial regulators to consider how to implement anti-money laundering (AML) and counterterrorism financing controls without penalizing emerging market economies, Reuters said. Separately, the U.K. government said it would review whether AML rules were holding...
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