FBME Bank Cyprus

This website is created for customers of Tanzania and Cyprus based FBME Bank in order to share information and help to find a solution for the disaster that took place. Fortunately there is a way, within the parameters of the rules and regulations set forth by the Administrator who got appointed by the Central Bank of Cyprus, to be in control of your assets again. 

FBME Bank Cyprus is a private bank. The customers of the bank are mainly high net worth individuals and offshore companies. Due to its location at the crossroads of Asia, Africa and Europe, and being a member of the European Union the bank has an ideal geographical position in the financial world. 

The originates and Lebanon and was founded (under a different name) in 1952. The headquarters of FBME are currently located in Dar es Salaam (Tanzania). The operational side of the business, including FBME Card Services - which is responsible for debit and credit cards - is located in Nicosia (Cyprus). 

Cyprus has always been an interesting hub in the fiscal and financial industry. With a low corporate tax regime and flexible labor laws, Cyprus is one of the most interesting tax havens in Europe. This status attracts all types of individuals and businesses looking for ways to avoid taxation and something evade payment of government fees. 

Due to the ideal climate, the Federal Bank of the Middle East opened a branche on the island to facilitate offshore banking in Europe. It attracted many strong, stable and honest businesses and high net worth individuals, but unfortunately, there was also an attraction to people with a hidden agenda. 

Halfway 2014, FinCEN (part of the US Treasury) published a detailed report on the course of action and speficially the flexible customer acquisition strategies utilized by FBME. The conclusion of FinCEN was that the bank opened their doors for illegal funds and facilitated money laundering and terrorism financing. 

After the report, Cyprus was in turmoil. What could this relatively small country do to make this disaster to dissapear? The Central Bank of Cyprus took over management of the bank and appointed an Administrator to take care of the daily operations. The Administrator blocked internet banking and card services. The only way to transfer funds from an account is when the customer issues a bank check and deposits it at another bank in Cyprus. 

Banking at FBME is, unfortunately, not anymore what it used to be. It is very uncertain what is going to happen in the future with the bank. When customers are treated as numbers and don't get the information they deserve, the bank will eventually loose the battle for new clients. The only way to prevent this scenario is to help current customers retrieve their assets.