Featured Guernsey

Prince Andrew Helped a Secretive Luxembourg Bank Woo Sketchy Clients

It isn’t much fun these days being Prince Andrew, eighth in line to the British throne. Last year he was grounded by his mother, the queen, after a disastrous TV interview about his links to the late money manager and convicted pedophile Jeffrey Epstein. The prince rarely leaves… Read More

The AML System: A Failure of Statecraft?

Consider the current state of anti-money laundering efforts across the globe. Around 2% of global GDP is laundered annually, amounting to between $800B – $2T. Banks spend around $8B annually fighting it but affect only 0.1% of criminal finance. What we know then is that the ROI of the… Read More

UK urged to do more to open up tax havens to public scrutiny

Recent events in the British Virgin Islands and Cayman Islands are seen by some as an indication that Britain is showing signs of improving tax transparency in its overseas territories, although activists say more still needs to be done. Two years ago, an amendment made to UK anti-money laundering legislation… Read More
7th August 2020
Deputy Kirsten Morel, who chairs the Economic Affairs Scrutiny Panel, recently addressed comments made in Bermuda newspaper The Royal Gazette in an article discussing the territory’s move to introduce legislation for full transparency on company ownership by January 2023. In 2018, the UK parliament passed laws requiring the Overseas Territories… Read More
16th July 2020
The U.S. Federal Bureau of Investigation believes firms in the nearly $10-trillion private investment funds industry are being used as vehicles for laundering money at scale, according to a leaked intelligence bulletin prepared by the agency in May. “Threat actors” — including criminals in it for the money and foreign… Read More
24th June 2020
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
22nd June 2020
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
17th June 2020
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 from… 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