It can't be moving away from us at more than twice the speed of light. Even if we were moving at just ander the speed of light in one direction and it is moving at just under the speed of light in the opposite direction, thats still just under twice the speed of light.
IANAPhysicist, but the object itself is not moving FTL with respect to the space around it, but the space itself is expanding. Here is some reading the corroborates this. http://en.wikipedia.org/wiki/Metric_expansion_of_space http://en.wikipedia.org/wiki/Faster-than-light#Universal_expansion http://curious.astro.cornell.edu/question.php?number=575 "While special relativity constrains objects in the universe from moving faster than the speed of light with respect to each other, there is no such theoretical constraint when space itself is expanding. It is thus possible for two very distant objects to be moving away from each other at a speed greater than the speed of light (meaning that one cannot be observed from the other). The size of the observable universe could thus be smaller than the entire universe."