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Tanzania largest bank, FBME, closed its doors on Tuesday after a revoke of its license by the Central Bank following allegations by the United States of funding terrorism activities.
Other crimes it was accused of include money laundering and facilitating the payment of thousands of dollars from Lebanese Hezbollah Islamist militants.
In response to the allegations, the bank said it was against money laundering.
FBME was set up in Cyprus as the Federal Bank of Middle East Ltd before moving its headquarters to Tanzania in 2003. In 2014, the bank was placed under the management of Tanzania Central Bank following US Treasury’s Financial Crimes Enforcement Network (FinCEN) allegations of financing terrorism.
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Image: Chelco
