Ciercos Determined to Hold FinCEN Accountable

WASHINGTON, Feb. 26, 2016 /PRNewswire/ -- Today attorneys representing Ramon and Higini Cierco expressed their clients' commitment before the US District Court for the District of Columbia to continue their legal battle to hold the Financial Crimes Enforcement Network (FinCEN) accountable for the agency's unjustified actions taken against Banca Privada d'Andorra (BPA).

FinCEN withdrew its Section 311 notices against BPA last week, reversing course on its March 10, 2015 decision to label BPA an institution of "primary money laundering concern." The agency's actions initiated a series of measures from Andorran and Spanish authorities that have resulted in the bank's destruction and the loss of hundreds of millions of dollars in value and hundreds of jobs.   

FinCEN has suggested that its withdrawal renders the Ciercos' claims moot and asked that the court dismiss the case entirely. In keeping with their original claims against the agency, the Ciercos maintain that FinCEN's notices immediately inflicted massive and irreversible damage and that it should be held accountable. 

Eric Lewis is the lead global coordinator on behalf of the Ciercos and leads a team of litigators from Lewis Baach PLLC, including Kate Toomey, Manuel Varela, Elizabeth Marvin, and Aaron Wolfson.

Lewis said, "We will continue pursuing this claim and every avenue possible to shed light on FinCEN's opaque and unjust process that allows the administrative agency to police the world's financial system and inflict devastating penalties with no oversight, scrutiny, or ability to challenge its charges."