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Banking Regulators FinCEN backtrack after facing legal action

FinCEN backtrack after facing legal action led by the Cierco's Family (the former owners of BPA Bank in Andorra which has led a ferocious battle against the USA Treasury for the last year in their battle to regain control of their bank which was stolen from them when the Andorran Government stepped in prematurely following the sanctions placed by FinCEN last year.

Ironically it turns out that FinCENs action was illegal, based on erroneous data and missing fundamental checks that are supposed to ensure the agency acts in the interests of the global banking community. In this case they bypassed regular controls in-order to send a warning to the inept Andorran Regulators INAF whom were fully well aware of problems at the bank because the bank self reported the issues as they are required to do so, BPA had acted fully in compliance with all AML laws around the world, in fact the three cases used by FinCEN to allege wrong doing were all self reported by BPA bank to INAF (Andorran regulators) years prior and were already involved in legal action against wrong doers.

BPA former owners are now taking legal action against the Inept Andorran Regulators and it appears they have a solid case against them, having already gotten the USA Treasury to back down, it looks likely that anyone in Andorra that gets in their way while they battle to retake control of their bank will face harsh legal challenges and likely face a crippling recourse as the case the Cierco’s have already proven clearly demonstrates they were victims of a battle between governments and they are not about to let unpointed inept regulators who have acted illegally stop them from proving their legal claims. 

See more news about BPA Bank Andorra News and keep up to date with this ongoing drama.

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