Cyprus Yanks Tanzania Bank License

NICOSIA — The Central Bank of Cyprus has revoked the operating license for the local branch of Tanzania’s FBME Bank Ltd.

In a statement Dec. 22, the central bank gave no reason for the decision, which took effect a day earlier. Central Bank spokeswoman Aliki Stylianou declined to elaborate.

On Dec. 21, FBME said it rejected the revocation “in its entirety” and would challenge the decision in theCypriot courts.

The Cyprus Central Bank placed FBME’s Cyprus branch under administration last year.

FBME said that decision was based on the “disputed findings” of the U.S. Financial Crimes Enforcement Network, or FinCen.

In July, FinCen formally concluded that FBME was used by customers involved in money laundering, fraud and terrorist financing, and barred U.S. banks from any dealings through or on behalf of FBME.


NICOSIA - The World Bank’s International Center for Settlement of Investment Disputes (ICSID) ruled against Greek investors who lost $600 million in bonds and deposits in Cypriot banks in 2013, the funds seized on government orders to prevent their collapse.

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