The firm at the heart of the Paradise Papers leak provided offshore services to a bank accused of facilitating terrorist financing, transnational organised crime and the Syrian government’s chemical weapons programme.
Appleby represented the Cayman Islands holding company of FBME Bank for at least a year after the US Treasury published an extraordinary roster of allegations against the bank, and acted as its agent for more than a decade beforehand.
FBME, which was banned from the US financial system last year, denies all the allegations against it. It said Appleby regularly carried out full compliance checks on FBME Ltd, which it took on as a client in 2004.
Revelations from Appleby’s internal files, obtained by the German newspaper Süddeutsche Zeitung and shared with the US-based International Consortium of Investigative Journalists, were exposed in the Paradise Papers investigation last year.