February 19, 2016 - FinCEN withdraw notice against BPA

In February 2016, whilst the litigation proceedings against FinCEN were pending, the US announced that it was withdrawing its money-laundering notice against BPA citing that, due to the actions of Andorra’s government and the dissolution of the bank and its subsidiaries, “BPA is no longer operating as a financial institution that poses a money laundering threat to the U.S. financial system.” The withdrawal was made official on 04 March 2016.

The Ciercos welcomed the withdrawal of the notice as “a momentous victory for BPA's customers, employees, and all of its shareholders” that vindicates the Cierco’s and BPA. However, they warned that the withdrawal was a blatant effort to avoid any judicial scrutiny of the legality of FinCEN’s actions.  On March 11, 2016, FinCEN would have had to respond in court to the Ciercos' claim that the notices were illegal but along with the withdrawal of the notice FinCEN also submitted a motion to dismiss before the lawsuit could proceed.