Featured Guernsey

Revealed: Scottish property worth billions owned by tax haven firms

Foreign companies own £4.4 billion worth of Scottish property, The Ferret can reveal, leading to calls for greater transparency to stop Scotland losing out on tax revenue. Concerns have also been raised about the need for urgent action to stop criminals using opaque foreign companies to invest in Scottish property… Read More

The $35 Million Chalet a Russian Tycoon Can’t Prove He Owns

Vitaly Malkin can’t prove he owns a luxury ski chalet in France’s Courchevel region. But the Russian businessman still has to pay the taxes on it. After a four-year court battle, Malkin, a former Russian senator, was ordered by a French court earlier this month to pay a $1.7 million… Read More

U.K. Serious Fraud Office Ends Investigation Into Bank Note Producer

The U.K.’s economic-crimes watchdog has ended its probe into bank note producer De La Rue PLC, saying Tuesday that the evidence in the case doesn’t meet the threshold for prosecution. The Serious Fraud Office said in July 2019 that it had opened an investigation into De La Rue… Read More
27th April 2020
The owner of Matchbook, a betting exchange operated by the Cork-based technology firm Xanadu Consultancy, has been fined £740,000 (€845,000) over “serious failings” with its approach to measures including stopping money laundering. Triplebet, a Guernsey-based firm which owns Matchbook’s UK licence, received the fine following an investigation by the Gambling… Read More
9th March 2020
Jahangir Hajiyev was running out of money. That was the urgent subject before the board of a company based in the tax haven of Guernsey in September 2015. For years, Hajiyev, then chairman of the International Bank of Azerbaijan, had used a chain of trusts and shell companies stretching… Read More
15th January 2020
British offshore tax havens will send information about Russian assets registered in their jurisdictions to the Russian tax authorities, despite London and Moscow having cancelled an international agreement which facilitates the sharing of such financial information. Jersey, Guernsey and the Isle of Man are set to share details on bank… Read More
14th January 2020
The UK’s first ever cross-government, public-private Economic Crime Plan, a collection of policy, legislative and operational commitments, was published just days before the passing of the baton from Theresa May to Boris Johnson. In this respect, the plan could be viewed as a cuckoo in Prime Minister Johnson’s policy… Read More
11th October 2019
The Cayman Islands said on Wednesday it would make public information on the beneficial ownership of companies, prompting anti-corruption campaigners to call on other offshore jurisdictions to follow suit as part of a global crackdown on money-laundering. The Cayman Islands government said it expected public registers of beneficial ownership –… Read More
1st August 2019
The signs were there. Jahangir Hajiyev, chairman of the biggest bank in Azerbaijan, and his wife, Zamira, appeared to be living on dirty money. Between 2003 and 2015, the couple spent a fortune in the U.K. They dished out 11.5 million pounds ($14.3 million) for a townhouse in the ritzy… Read More
30th July 2019
John Christensen called Jersey home. A native of the scenic isle off England’s southern coast, he was a government economist with a hillside villa that had views of France. “I was set,” Christensen said last month in an interview at a London cafe. “We had a pretty good lifestyle and… Read More
21st June 2019
Guernsey, Jersey and the Isle of Man committed on Wednesday to naming the individuals who own or otherwise control corporations operating in their jurisdictions as part of an effort to meet EU anti-money laundering standards. Beginning in 2021, the islands will interconnect corporate beneficial ownership registers with similar databases in… Read More
29th April 2019
Criminal proceedings against a money laundering reporting officer were withdrawn in the Royal Court after a 16-month long investigation. Michael Still, who works for Investec Bank, had denied a charge of money laundering and an alternative of failing to make a required disclosure as soon as possible while the nominated… Read More
15th April 2019
European lawmakers are urging financial institutions and governments to address dozens of legal and supervisory shortcomings they say contributed to the proliferation of massive money laundering schemes in recent years. In a resolution adopted Thursday, the Council of Europe’s Parliamentary Assembly said that recent money laundering schemes linked to… Read More