× Business BUSINESS MOTORING SHIPPING & LOGISTICS DR PESA FINANCIAL STANDARD Digital News Videos Health & Science Lifestyle Opinion Education Columnists Moi Cabinets Arts & Culture Fact Check Podcasts E-Paper Lifestyle & Entertainment Nairobian Entertainment Eve Woman Travelog TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified Jobs Games Crosswords Sudoku The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS
×

Bank at the centre of money laundering taken over

BUSINESS
By Jevans N. Miyungu | July 27th 2014

Tanzania’s central bank said on Friday it had taken over the management of a bank accused by the US government of large-scale money laundering.
The decision comes after the Central Bank of Cyprus (CBC) placed two branches of FBME Bank under its control following a report from the US Treasury’s Financial Crimes Enforcement Network (FinCEN) describing the bank as a ‘primary money laundering concern’. Tanzania’s central bank said it took control of FBME Bank on Thursday because of the potential effect of the Cypriot move on Tanzania’s own banking system. It said FBME’s four branches in the East African country would remain open for business. “The objective underlying this decision ... is to ensure safety of customers’ deposits and safeguard the entire banking system,” it said in a statement.


 

Share this story
Research; Fridges of the future 'will text to let you know when you're running low on milk'
Fridges could let people know remotely when they are running low on milk as part of the rapid advance of the internet, a university expert said. Within five years humans could be receiving more texts from machines than humans, according to Dr Kevin Curran.
Dog walking becomes the newest hustle in town
Dog walking is now a status symbol. Owning a pet is cool. I nowadays meet lots of Kenyans and foreigners walking their dogs and some running.
.
RECOMMENDED NEWS
Feedback