FBME ignored red flags linking shell companies to Assad’s WMD programme

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FBME ignored red flags linking shell companies...
 © BusinessMail 2017
By Stelios Orphanides

The Cyprus branch of Tanzania’s FBME Bank Ltd may have assisted the Syrian regime in financing and developing its chemical weapons programme by facilitating transactions between a number of shell companies worth hundreds of million dollars which should have raised red flags, a report suggests.

Balec Ventures Limited, a company registered in the British Virgin Islands (BVI) and its owner Issa al-Zeydi, a Syrian national, appear to have played a central role in by-passing US sanctions against Syria, according to a report produced by the London-based accounting...


FBME ignored red flags linking shell companies to Assad’s WMD programme


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