FOR IMMEDIATE RELEASE
FBME Bank’s Tanzania License Terminated After Money Laundering Investigation
FBME Bank was barred from U.S. financial system in April 2017,
paving the way for business license revocation
MAY 9, 2017 – FBME Bank has been placed under further sanctions from international courts as part of a long list of problems caused by money laundering.
Most recently, the Federal Bank of the Middle East appealed against allegations of money laundering. A report from the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) called FBME a “primary money laundering concern”, and this led to the central bank seizing control of FBME Bank’s management in July 2014.
In April 2017, a U.S. court ruled in favor of FinCEN. This verdict made it possible for FMBE Bank to be barred from the U.S. financial system. The 21st of April 2017, the Supreme Court in Bermuda ordered the Winding Up of the company ‘Saab Financial (Bermuda) Limited’, affiliated with FBME Bank, and appointed a provisional liquidator. The 5th of May 2017, the central bank in Tanzania, BoT, revoked the main banking license of FBME Bank Tanzania and appointed the local Deposit Insurance Board as the liquidator, the first steps for ultimate fund recovery of all accounts in Cyprus and Tanzania.
FBME Bank was established in Tanzania in 2003 and has been the subject of many legal battles. While this spells a disastrous finale to an organization plagued by problems, the true victims of the situation seem to be the bank’s clients.
When FBME Bank’s Cyprus branch was placed under resolution by the Central Bank of Cyprus followed by the Tanzania regulator doing likewise, customers were left in limbo as they awaited news of their funds.
Legal Floris LLC, represents clients of FBME Bank in Cyprus and Tanzania, and Saab Financial (Bermuda) Limited. The firm understands that there were customers with legitimate intentions and, unfortunately also with shady motives. For instance, many clients were simply caught in a bad position, where others were attempting to conduct money laundering schemes, and worse. The team at Legal Floris LLC is dedicated to helping those clients with good intentions and are now awaiting the next step in retrieving their funds.
The team at Legal Floris LLC is working one-on-one with FBME Bank clients to determine the best way to retrieve funds, fully compliant with common reporting standards and the automatic exchange of information.
For customers with accounts at FBME Bank in Cyprus, the first step is to claim their funds under the deposit protection scheme, for as long as this is possible. A claim under this DGS reveals weaknesses for individual customers that can be adjusted and simplifies further fund recovery. Customers with accounts in Tanzania that were managed from Cyprus need a court order that determines the geographic location of their account. Customers of FBME Bank that invested in private placement programs via Saab Financial (Bermuda) Limited are encouraged to contact us at short notice to avoid missing out on the opportunity to claim their funds.
Currently, Legal Floris LLC represents more than 1.300 customers of Saab Financial (Bermuda) Limited and FBME Bank in Cyprus and Tanzania.
Now that FBME Bank is under liquidation, Legal Floris LLC foresees more clients stepping forward seeking funds that have been placed under restriction and gladly offers their experience in recovery procedures for customers of the bank looking for assistance. More information is available here: BoT revokes license of FBME Bank Tanzania.
About Legal Floris LLC
Legal Floris LLC specializes in representation for consumers and enterprises caught in the crosshairs of bank failures and investment fraud, including Ponzi and pyramid schemes, insider trading and losses, and more.