ATTENTION: Customers of FBME Bank with accounts in Tanzania,
US Final Rule against the bank offers a solution…
The US Federal Court in Washington DC ordered on the 14th of April 2017 in favour of FinCEN in their case against FBME Bank. The Court concluded that ‘the third time really is the charm’, referring to the earlier attempts made by FinCEN to exclude FBME Bank from engaging in activities in the US or hold relations with US correspondent banks. The verdict is a serious stepping stone towards the conclusion of a long-term uncertain period.
Following the US verdict, the Supreme Court in Bermuda and the central bank in Tanzania (BoT) took action as well. FBME Bank in Tanzania lost its main banking license early May 2017. This means that finally, there is light at the end of the tunnel for customers of FBME Bank with accounts in Tanzania or with accounts in Cyprus with balances that exceed the maximum insurance coverage of 100.000 Euro.
The confidential nature of our activities justifies our position towards new clients. We cannot work for everyone and we require absolute confidentiality from the start. A positive outcome in difficult fund recovery situations is the result of the legal position one creates.
We aim to avoid a haircut on the accounts of our customers and focus on full recovery while using multiple angles in the legal recovery stage. This consequently means that the road to recovery is paved with obstacles. Therefore it is expected that the recovery procedures include tranche payments. An official liquidation of the bank is not easy when shareholders and the administrator are not cooperative. Therefore it is required to follow a sophisticated recovery strategy.
Please leave your contact information below for us to contact you or call us in Cyprus at 25 030 666 or the USA at 646 513 2855.