The Guernsey Financial Services Commission (“the Commission”) has stated It is aware of an ongoing investigation by other regulatory partners into the global operation of companies linked to the Belvedere Group and related entities. One of the related structures, RDL Management Limited (“RDL”) has recently had its licence suspended by the Financial Services Commission Mauritius […]

Royal Bank of Canada’s wealth-management subsidiary in the Bahamas is caught up in tax fraud and money-laundering allegations involving billionaire international art dealer Guy Wildenstein. French prosecutor Franck Charon confirmed on Monday that France’s tax-evasion watchdog – Parquet national financer – has recommended to an investigating judge that RBC Trust Company (Bahamas) Ltd. be charged […]

FSB helping Mauritian, Guernsey regulators probe Kellermann following his alleged involvement in irregularities tied to Belvedere Management. South Africa’s Financial Services Board said it’s helping regulators in Mauritius and Guernsey investigate the affairs of Cobus Kellermann, a Cape Town-based money manager. “The regulators in the foreign jurisdictions have asked us to assist them in tracking […]

A director of troubled online betting brand 666bet was reportedly arrested last week by HM Revenue & Customers (HMRC) and the  National Crime Agency in connection with their joint investigation ‘Operation Bannock’ into money laundering and fraud. This weekend The Independent newspaper revealed that a further six people and had been arrested, as 13 properties […]

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 […]

On 27 February 2015 the Guernsey Financial Services Commission (“the Commission”) decided to take action against Guernsey Financial Consultants Limited [GFC] In doing so it 1.       imposed a financial penalty of £42,000* under Section 11D of the Financial Services Commission Law on GFC and; 2.       made a public statement under Section 11C of the Financial […]

On 30 January 2015 the Guernsey Financial Services Commission (“the Commission”) decided: to impose a financial penalty of £28,000 under Section 11D of the Financial Services Commission Law on Woodlock and; to make this public statement under Section 11C of the Financial Services Commission Law. The Commission considered it reasonable and necessary to make these […]

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 […]