The head of the credit card division of the notorious Tanzania-based FBME Bank allegedly helped an international child pornography ring launder money through the bank, according to a 52-page privileged and confidential report prepared by the international investigations firm Kroll International.

The Kroll report was prepared for the multinational law firm DLA Piper UK to investigate the charges against the Cyprus branch of FBME on behalf of the Cyprus Central Bank.  It alleges that in addition to facilitating payments for child pornography, FBME’s credit card unit, headed by Michel Norbert Saab, helped an Iranian-born US citizen set up a bewildering array of shell companies to engage in a wide variety of shadowy operations and to evade various compliance issues.

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