Featured Jersey

New Juan Carlos investigation widens to Jersey bank account

Juan Carlos, Spain’s exiled king, has been linked to an investigation into the transfer of millions of euros from an offshore account, part of a third corruption inquiry into his finances. Attempts to transfer funds from an active account registered in Jersey, a tax haven, were recently detected by Spain’s… 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
6th October 2020
Jersey’s population is no bigger than that of Dover. And yet companies and people on the Channel Island invest more money into the UK than those in China or Germany – £112bn a year. It has £1 trillion sitting in its trusts, companies, funds and foundations, according to a report… Read More
6th October 2020
A leak of data detailing alleged illegality at a Jersey trust company has revealed how corporate giants HSBC and Liberty Global appear to have failed to adequately investigate concerns over a major fraud after an heiress accused her businessman father of draining millions from trust funds set up to support… Read More
1st October 2020
The threat of financial crime in Jersey by overseas criminals is “significant”, a government report has found. The National Risk Assessment of Money Laundering is the first study of its kind and has been made public by the Government of Jersey. It found there was “no clear expression” on… Read More
28th September 2020
According to an Interpol Red Notice, Philip Egglishaw is 67 years old, 1.75m tall, with a moustache and receding hairline. The “international fraudster”, as he was once dubbed, is wanted by Australian authorities for his role as the alleged mastermind of one of the country’s largest tax evasion and money-laundering… 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
6th May 2020
By Eli Moskowitz, OCCRP, 5 May 2020 OCCRP — The United States transferred US$ 311.8 million to the government of Nigeria, the Department of Justice confirmed on Monday, as part of a previous agreement to repatriate assets that traced back to the kleptocratic regime of former dictator Sani Abacha. Read More
1st May 2020
Nigeria must use money repatriated from funds looted by former military ruler General Sani Abacha on agreed public projects or be forced to “replace” it, the U.S. Justice Department said. The United States and the British dependency of Jersey agreed with the Nigerian government in Febuary to return $300 million… Read More
29th April 2020
In February, Abu Dhabi Commercial Bank PJSC Jersey Branch admitted failing to comply with counter-terror and anti-money-laundering regulations relating to two customers who withdrew huge sums of cash at a branch in the United Arab Emirates. It was fined £475,000 and ordered to pay costs of £25,000, after the Royal… Read More
7th April 2020
The U.K. has joined the U.S. in resisting a plan by the Nigerian government to hand nearly $110 million of funds the American authorities say was stolen by late dictator Sani Abacha to a top ruling party official. The three governments are involved in a dispute over investment portfolios worth… Read More