29 October 2014
Arbitration at the International Chamber of Commerce (ICC) in Paris in the case of FBME shareholders and the Republic of Cyprus is now underway, with the submission of FBME’s case being completed on 28 October 2014.
Category Archives: Uncategorized
Gratitude Expressed for Forbearance
27 October 2014
The shareholders of FBME Bank Limited are sending their thanks for the patience and understanding shown by all clients, suppliers, employees and associates of the Bank. These past three months with the Cyprus branch under the inexplicable Resolution Decree of the Central Bank of Cyprus, have been extremely frustrating, not to say highly and needlessly damaging to all.
Current State of Play
14 October 2014
FBME’s submission, based on the exhaustive investigation into its operations, has been delivered to the US Department of the Treasury’s FinCEN bureau. We understand it is now being read and considered. A copy of the Public Comment which accompanied this is available for download here.
Update on the FBME Bank Case
18 September 2014
On 17 July, FinCEN announced a Notice of Findings and a Notice of Proposed Rulemaking against FBME Bank. The notices allow for public comments to be submitted to FinCEN by 22 September. The international law firm Hogan Lovells was instructed to engage with FinCEN and they in turn retained anti money laundering (AML) experts at Ernst and Young to carry out a thorough and independent investigation of FBME Bank and its policies and procedures, especially with regard to AML policies, procedures and practices in line with EU regulations, and specifically the latest Central Bank of Cyprus Fourth AML Directive.
