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Tanzania revokes bank's licence over money laundering probe

Tanzania’s central bank said it revoked the business licence of FBME Bank and placed it under liquidation after it was accused by the US government of large-scale money laundering.

The central bank took over the management of FBME Bank in July 2014 following a report from the US Treasury’s Financial Crimes Enforcement Network describing the bank as a “primary money laundering concern”.

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FBME Bank