Time For A Finance Industry ‘Oral History Project’ Over To You MNH!

NEWS FROM THE CELTIC LEAGUE

Interesting comment reported on some Social Media sites reports Kate Beecroft MHK (pictured at a Tynwald day ceremony) as saying the IOM finance industry has changed markedly over recent decades.

Mrs Beecroft responding to the ‘TURNERGATE’ spat between the Chief Minister and Catherine Turner, a fellow LibVan member and Douglas Councillor, quotes her own experience saying:

“I worked in the industry then when it was an unregulated fledgling and where the norm was people arriving with suitcases full of cash and no questions asked. I carried on working in it until just before I was elected to represent Douglas South in September 2011 and I can promise you that it is such a different animal to its early days as to be almost unrecognizable.”

She also refers to Turner reference in the BBC programme that has provoked all the ire to another programme and says:

“I believe that Cat’s views are outdated and that she has done the industry a disservice. I remember the programme that she quoted on the TV. That was over thirty years ago!!”

This is strange because the Celtic League have been following the curious and sometimes wobbly growth of the IOM Finance Industry since the late 1980s and indeed in 1991 were assured by the Manx Government that things were under control.

In a letter responding to a query to Chief Minister of the day (Sir) Miles Walker MHK Tim Craine, for the Chief Secretary told us:

“I think we all share the wish that no dirty money should be handled by the Isle of Man” he went on “with the above in mind the FSC has adopted a Know Your Customer policy which it expects all banking institutions to adhere to.”

So clearly almost thirty years ago no one should have been ‘arriving with suitcases full of cash no questions asked’ without such activity being notified to the fledging ‘Financial Crime Unit’?

Obviously it appears despite the CMs Offices assurances at the time it was not happening so how can we say it’s not happening now?

Indeed throughout the following twenty-five years cases of laundering have surfaced periodically!

By the way as I point out frequently all our correspondence from the periods referred to is lodged at the MNH library. In relation to money laundering we had a lively exchange with the Manx, Irish and British governments.

Perhaps MNH should launch an ‘oral history project’ with folk from the period it would no doubt be a valuable addition in years to come to our understanding of just what ‘wheeling and dealing’ was going on!

BERNARD MOFFATT

Issued by: The Celtic News

23/01/16

THE CELTIC LEAGUE INFORMATION SERVICE.

The Celtic League established in 1961 has branches in the six Celtic Countries. It promotes cooperation between the countries and campaigns on a range of political, cultural and environmental matters. It highlights human rights abuse, military activity and socio-economic issues

https://celticleague.net

Mannin Branch Celtic League's photo.
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