NEWS FROM THE CELTIC LEAGUE
The deposit of £7 million pounds from a NAMA deal in the North of Ireland continues to attract controversy with one of the key participants Belfast Solicitor. Ian Coulter, breaking his silence to deny some aspects of the story, however Mr Coulter falls short of explaining why the monies were transferred and which Bank in the Isle of Man facilitated the deal.
Meanwhile just to complicate matters Tughans for whom Coulter formerly worked seems to be refuting his version of events so it would seem we are back to square one in gaining any understanding of what or who motivated this extraordinary series of events.
There are many reports on-line about the Coulter story but the most comprehensive is probably at this link;
Meanwhile the Irish politician who ‘let the cat out of the bag’ Mick Wallace TD has promised more revelations this week.
There has been much media exposure for this issue in Ireland and at least one UK (NCA) investigation underway but in the Isle of Man stony silence.
Just out of interest we have been looking at the remit of the Isle of Man Financial Crime Unit and although it would be presumptuous at this stage to say any crime has occurred in relation to the NAMA affair we noted that what the FCU does have is the rather grandly titled FINANCIAL INTELLIGENE UNIT (its remit for the FCU web pages is set out below).
One of the functions we would have thought of the FIU would be to be aware of or scrutinise substantial movements of funds through the jurisdiction – depending of course on reporting structures in place within the financial services sector.
As we have remarked previously the movement of fairly modest amounts of a personal nature between bank accounts on the Island will often and quite properly attract attention from your Bank. The setting up of an account also and again quite properly should attract rigorous scrutiny
It begs the question how can £7 million just be ‘dropped into’ an account in the Isle of Man without the ‘boys in mufti’ being aware of it.
It also begs the question are there other substantial deposits in Manx accounts, unrelated to this episode that no one has thought to question.
Time for a bit more ‘Intelligence’ at both the FSC and the FCU
“Financial Intelligence Unit
The Financial Intelligence Unit is the reception point for financial disclosures (Suspicious Activity Reports) from financial service businesses. Such reports are vital to the regulatory process and can be the catalyst for a substantial criminal enquiry either locally or in another jurisdiction. Isle of Man legislation enables us to disseminate information to our partners and we have a small number of Memorandums of Understanding with other agencies that also facilitate that process. Education packages and training have been offered to the staff of the finance sector to aid identification of suspicious activity and other crime.”
You can access the FCU web site here:
J B Moffatt (Mr)
Director of Information
THE CELTIC LEAGUE INFORMATION SERVICE
The Celtic League was established in 1961and has branches in the six Celtic Countries. It works to promote cooperation between these countries and campaigns on a broad range of political, cultural and environmental matters. It highlights human rights abuse, monitors all military activity and focuses on socio-economic issues