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The U.S. financial intelligence unit rejected claims that its most recent attempt to blacklist a Tanzanian and Cypriot lender as a "primary money laundering concern" was based mostly on analysis of suspicious activity reports.
A federal court stalled the U.S. financial intelligence unit's second attempt to blacklist a Tanzanian bank under the Patriot Act and ordered the bureau to submit a full explanation of the process that led to its determination.
A federal judge on Friday questioned whether U.S. officials properly imposed sanctions against a Tanzanian bank and the grounds on which they can make their case without producing more evidence.
Attorneys for a Tanzanian and Cypriot bank will ask a federal judge to review the U.S. Treasury Department's second attempt since July to blacklist their client under the Patriot Act.
Attorneys for a Tanzanian bank have argued that the second U.S. attempt to blacklist their client under the Patriot Act relies on questionable evidence and the assistance of a "corrupt, lawless" foreign regulator.
The U.S. Treasury Department on Thursday acknowledged flaws in its designation of a Tanzanian bank as a money-laundering conduit and asked a federal judge for time to justify the sanction.
A Tanzanian lender stands to lose hundreds of millions of dollars and access to foreign bank accounts in the likely event that it loses a legal battle with the U.S. Treasury Department.
Switzerland will soon adopt a law to expedite the return of stolen assets held in Swiss bank accounts, India and Germany have agreed to enhance the exchange of tax-related information, and more, in this week's roundup.
