The Customs and Excise Division of the Treasury has today published a new Public Notice (Notice 1000 MAN) which is concerned with the use of real or bogus trade as cover for the movement or laundering of illicit funds, from a variety of frauds, generally referred to as trade-based money laundering. In recent months a […]

Revenue & Customs has so far collected just £13.9m from an initiative to prise open secret bank accounts in the Crown Dependencies which was originally expected to end up raising £1bn. Just over 400 people have so far come forward to own up to previously undeclared accounts in the Isle of Man, Jersey and Guernsey, […]

22 March 2015 He was arrested in relation to suspicion of conspiracy offences and money laundering in the Isle of Man. The suspect, who had been previously arrested and questioned by HMRC in the UK, was further arrested on arrival to the island, at about 7.15pm last night. Officers from the Manx police force continued […]

18 Mar 2015 – Two staff members have been arrested in St Peter Port, in connection with an investigation into a suspected £21m vat and money laundering fraud. They were arrested at an address registered to several companies, and will be interviewed today. Its part of an investigation called operation bannock that spans the British […]

Officers from the Manx police force’s financial investigation team are today executing six warrants in and around Douglas as part of an investigation into multiple fraud and money laundering offences. This is part of an investigation involving UK HM Revenue & Customs (HMRC), the Manx police, Cheshire Constabulary and Guernsey Border Agency. Four of the […]

Jersey’s financial institutions are now able to register in Jersey in preparation for US FATCA, which commences this year. The Foreign Account Tax Compliance Act (FATCA) requires financial institutions outside the USA to report information on financial accounts held by their US customers to the Internal Revenue Service (IRS). A test platform has been available […]

The Isle of Man has launched a public consultation on measures to simplify the territory’s rules on preventing money laundering and countering the financing of terrorism (AML/CTF). The changes reduce the scope of Customer Due Diligence requirements for certain financial services business activities. The proposals are aimed at retaining the Isle of Man’s strong track […]

BACKGROUND 1.  Due to the on-going conflicts in Syria and Ukraine, there has been much in the press recently about financial and economic sanctions being imposed against countries and territories and entities in those countries/territories. 2.  However, sanctions are applied to many different organisations and individuals – at the time of writing, the Isle of […]