Featured Offshore

Jersey: Convicted jeweller’s shop closed and contents seized

The premises of a Central Market trader, who was convicted of laundering money from a drugs gang, has been shut down and its contents seized by the Viscount. Darius Pearce, owner of Darius Pearce Jewellers, was found guilty of three counts of becoming concerned in the acquisition, use, possession or… Read More

How Akingbola Bypassed Protocols to Transfer About $12million, £9million Offshore – Witness

A witness for the Economic and Financial Crimes Commission, EFCC, Babatunde Aro, has narrated how Erastus Akingbola, a former Group Managing Director of the defunct Intercontinental Bank, allegedly bypassed banking protocols to transfer $11.8 million and £8.54million offshore without recourse to the bank’s standard procedures. The EFCC witness reportedly disclosed… Read More

Tough Sanctions, Then a Mysterious Last-Minute Turnabout

In early December, an Israeli billionaire named Dan Gertler made an unusual request to the Treasury Department. A mining magnate who had been accused for years of corruption in deals he struck with leaders of the Democratic Republic of Congo, Mr. Gertler had been slapped with… Read More
17th February 2021
A fine of more than £700,000 has been imposed on three Jersey-based firms owned by a multi-national bank for breaching rules designed to prevent money laundering and financial crime. The actions of a trio of S G Kleinwort Hambros companies, which were found to have made a series of compliance breaches… Read More
17th February 2021
The Registrar of Companies (RoC) has begun fining companies registered here that have failed to submit accurate information on their ultimate beneficiaries (beneficial owners) and ignored warning letters to do so, according to the Ministry of Financial Services. As of 1 February, the RoC had levied 19 administrative fines of… Read More
16th February 2021
The financial services industry that has helped keep the Virgin Islands economy afloat amid the global pandemic is rushing to distance itself from a new threat posed by the commission of inquiry. The United Kingdom commission of inquiry into allegations of potential corruption in the territory… Read More
9th February 2021
Five years ago a young, unknown MP wrote a pamphlet for a Thatcherite thinktank extolling the benefits of free ports. Now that Rishi Sunak is chancellor, his dream for Britain is – for good or ill – fast becoming reality. This week, alliances of port owners,… Read More
3rd February 2021
Two Australians owe the country more than 32 million Australian dollars ($25 million) in dodged taxes and penalties, according to officials behind a probe sparked by the Panama Papers investigation. CE Wang and Zhao Hui “Sophie” Shao were handed the bill following a review of 12 years of tax assessments… Read More
25th January 2021
The European parliament is pushing for UK overseas territories including the British Virgin Islands, Guernsey and Jersey to be added to an EU tax havens blacklist after the conclusion of the Brexit deal. Sending a signal that tougher action on tax avoidance was required in response… Read More
11th January 2021
By Delfin Mocache Massoko, Antonio Baquero, Micael Pereira, Flora Alexandrou, Linda van der Pol, Mark Anderson and Stelios Orphanides, OCCRP, 8 January 2021 OCCRP — For years, Juan Tomás Ávila Laurel was known as an outspoken critic of Equatorial Guinea’s government, despite decades of brutal repression and staggering corruption. Read More
7th January 2021
France’s highest court has ordered a retrial of members of the art-dealing Wildenstein family who were acquitted of tax fraud in 2018. Guy Wildenstein, a close friend of former president Nicolas Sarkozy, and other family members, known in France as “les W”, were cleared of hiding an estimated €550m… Read More
7th January 2021
In the early 1500s a young Henry VIII visited Lullingstone Castle to take part in jousts and hunts in its extensive grounds. Hundreds of years later, the Kent estate was where Simon Giles, 41, chose to buy a home. It is said that when he was learning to fly he… Read More
4th January 2021
The Federal Board of Revenue (FBR) has begun investigating incumbent National Bank of Pakistan (NBP) President, Arif Usmani, for his alleged offshore assets worth billions of rupees. Sources privy to the information told Profit that the incumbent NBP president has stashed assets worth $11,481,440, equivalent to Rs1.8 billion, in Citi… Read More