investment firm last year, an attorney for the Ciercos said
Treasury forced closure for ‘money laundering’
Treasury Department labeled the Andorran bank canada goose uk black friday a money laundering concern, a move which helped drive the bank out of business.
A lawyer for the Cierco family, which controlled the bank, sent a letter to Treasury Department Office of the Inspector General on Tuesday, asking buy canada goose jacket for the office to investigate how the department reached the conclusion that BPA was aiding money launderers.
The Ciercos claim that the naming of the bank as a money launderer by the Treasury Financial Crimes Enforcement Network (FinCEN) naming of the bank, was on an insufficient cheap Canada Goose and inadequate investigation, which they were unable to canada goose factory sale challenge, according to the letter, which was shared with Reuters.
A FinCEN spokesman declined to comment for the story. The Inspector General did not respond to requests for comment sent through the Treasury Department press office. financial regulators canadian goose jacket can use against foreign banks caught in their sights.
Soon after the FinCEN designation, foreign Canada Goose sale correspondent banks severed ties with BPA and regulators moved to dismantle canada goose the bank. investment firm last year, an attorney for the Ciercos said.
The USA Patriot Act, cheap canada goose uk passed in response to the 9/11 attacks, gives FinCEN the power to label companies as aiding and abetting money launderers without going through a court process. law enforcement.
In an interview with Reuters, Eric Lewis, an Canada Goose Parka attorney for the family, said he believes the investigation Canada Goose Online will reveal FinCEN used thin evidence to turn BPA into a lamb because FinCEN wanted teach Andorra a lesson, after the tiny independent canada goose uk shop European state failed to curb money laundering.
In canada goose canada-gooseoutlets coats 2015, FinCEN, Treasury anti money laundering canada goose store agency labeled the bank a money laundering concern, alleging that BPA executives had assisted Russian organized crime figures and corrupt foreign officials in moving dirty money.
FinCEN argued that much canada goose clearance of the evidence it used to make the determination could not be readily released because it was classified or came from sensitive law enforcement canada goose outlet sources. In any case, FinCEN argued it was not required to provide evidence to issue its Canada Goose online finding.
But several months after the Ciercos filed the suit, FinCEN withdrew its finding against the bank, saying that the designation had already accomplished its purpose.
After FinCEN withdrew its designation the court canada goose black friday sale dismissed Canada Goose Coats On Sale the BPA suit, ruling that it was no longer relevant. The Ciercos are uk canada goose now appealing the case, Canada Goose Outlet asking canada goose uk outlet the court to force FinCEN to publicly declare its earlier ruling unlawful.
Although Canada Goose Jackets the bank is uk canada goose outlet already defunct, the Ciercos still seek a buy canada goose jacket cheap ruling against FinCEN to help repair the damage to their reputations, Lewis said.
But the larger issue, canada goose clearance sale Lewis said, is that FinCEN has the power to put canada goose coats on sale a bank out of business without first hearing its defense. the time the bank has time to defend itself is usually game, set and match, he said.
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