Cyprus takes over admin of bank branch after laundering concerns

NICOSIA, July 18 Fri Jul 18, 2014 9:09am EDT

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NICOSIA, July 18 (Reuters) - Cyprus's central bank took over the Cypriot branch of a Tanzanian-based bank on Friday, a day after the U.S. called it a "financial institution of primary money laundering concern".

In a brief statement, the Central Bank of Cyprus said that, acting under the authorities given to it by law, it assumed the administration of operations of the FBME Bank branch on the island from Friday. (Reporting By Michele Kambas, editing by David Evans)

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