Featured Isle Of Man

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

Tax Rules for the Super-Rich Make the Isle of Man a Haven for Private Jets

OCCRP – Oleg Tinkov is a self-made Russian billionaire with a penchant for private jets and luxury homes around the globe that bear his name, just like the online bank he founded. For years, Tinkov flaunted this lavish lifestyle on social media. In February, his family flew a $58-million… 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
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
17th June 2020
By Roman Shleynov, OCCRP, 16 June 2020 OCCRP — One day in the summer of 2013, the central Moscow office of Fonbet, Russia’s largest sports betting company, looked like a besieged fortress. Sparks and the smell of burnt metal filled the air. Officers from the anti-corruption directorate of the… Read More
9th June 2020
By Vahe Sarukhanyan and Edik Baghdasaryan, OCCRP, 5 June 2020 OCCRP — When the coronavirus hit Armenia in early March, those who had been exposed to the first confirmed patient were ushered to the mountain resort town of Tsaghkadzor and quarantined at the posh Golden Palace Hotel Resort & Spa. Read More
2nd June 2020
OCCRP—When Eldar Mahmudov fell out of favour with Azerbaijan’s government, he fell hard. In October 2015, the country’s national security minister was dismissed from his powerful role by a presidential order. Within days, wild stories peppered local media outlets about raids on his villa, where police discovered glass jars… Read More
1st June 2020
A string of luxury properties, including a £17m home near Harrods, were acquired by the children of Azerbaijan’s former security chief, an investigation has revealed. Eldar Mahmudov was dismissed as national security minister by a presidential order in 2015. No official explanation was given for his removal. Now, caches… Read More
11th February 2020
Brussels is clamping down on 82 free ports or free zones after identifying that their special tariff and duty status has aided the financing of terrorism, money laundering and organised crime. A set of new rules was introduced by the European commission just weeks before the launch on Monday of… Read More
3rd February 2020
A just-concluded pre-trial investigation of Vladimir Romanov, the former owner of Lithuania‘s Ukio bank suspected of looting it for millions of euros, hinged on a key episode detailed in OCCRP’s 2018 account of leaked information in the Paradise Papers. Ukio bank collapsed abruptly in 2013, as the Lithuanian… 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