Bank of Tanzania revokes FBME Bank’s licence after US ruling
Bank was deemed a money-laundering risk in 2014, after US report highlighted concerns
The Bank of Tanzania has withdrawn the operational licence of FBME Bank and placed it into liquidation following an investigation conducted by the US government into supposed money-laundering activities.
The international commercial bank – which specialised in several cross-border services – was formerly known as the Federal Bank of the Middle East and was headquartered in Dar es Salaam, Tanzania. In 2012, the bank was regarded as the largest in the African nation, with $2 billion worth of
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