news.cuna.org/articles/106971-inside-washington

Inside Washington

July 27, 2015

WASHINGTON (7/27/15)--The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a final rule removing access to the U.S. financial system from FBME Bank, Ltd., formerly known as the Federal Bank of the Middle East. The rule imposes “special measure five” against the bank, which prohibits any U.S. financial institution from opening or maintaining corresponding accounts or payable through accounts for or on behalf of FBME. A FinCEN investigation revealed that FBME is used by its customers to facilitate money laundering, terrorist financing and other illicit activity, both internationally and through the U.S. financial system...