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Cyprus Problem | The South Freezes More Bank Accounts

WITHOUT PREJUDICE

Cyprus Problem – The South Freezes More Bank Accounts

It seems in Cyprus, anything goes, even a bank.

Following a report from the Financial Crimes Enforcement Network (FinCEN) of the US Treasury describing the bank as a “primary money laundering concern.” Note the word ‘concern’, it does not say it has evidence, it does not say there is a case proved against the bank, it just says they have concerns about this bank.

So in jumps the Central Bank of Cyprus, puts the bank into administration and effectively freezes the accounts of all the account holders in the Republic of Cyprus. Overkill, well I think so. There are a lot of Cypriots who bank with FBME who are now facing real hardship because they cannot access their money. In a country where the Government allowed the banks to compulsorily take a percentage of account holders savings, you have to wonder how much more the people of Cyprus will put up with. ¹

Rubbing a little salt in the wound, we then look at how the same agency who reported this suspected money laundering in Cyprus dealt with a much larger entity proved to be involved in money laundering. ²

Does the ROC really have the right to appropriate and sell a branch of a bank, any bank?

Sources

¹  http://t.co/kRl87XPQnT

²  http://www.bbc.co.uk/go/em/fr/-/news/business-20673466

Pauline Read

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