01 Nov 2016
An Isle of Man company has been named in a damning investigation by United States authorities into money laundering.
According to the US Department of Treasury, companies owned or controlled by Island businessman Paul Davis have knowingly processed payments on behalf of mail fraud schemes for 20 years.
Mr Davis, who runs a rare breeds farm in the south of the Island, has rejected the allegations – and pledged a vigorous defence.
The US Treasury department has designated the PacNet Group ‘a significant transnational criminal organisation’.
Advance your CPD minutes for reading this article, by signing up and using the CPD WalletFREE CPD Wallet