Dail Allegations: Were Manx Financial Regulators Asleep on Watch?

NEWS FROM THE CELTIC LEAGUE

DAIL ALLEGATIONS: WERE MANX FINANCIAL REGULATORS ASLEEP ON WATCH?

Over the years the Isle of Man financial sector has found itself embroiled in Irish political controversies periodically and despite a tightening of regulation it seems as if history is about to repeat itself.

Yesterday in the Dáil Independent TD, Mick Wallace, made allegations concerning monies connected to the NAMA programme in Ireland (National Asset Management Scheme) ending up in an account in the Isle of Man.

It begs the question why firms dealing with that programme would want to send substantial funds offshore and even should a satisfactory explanation surface it is certain the damage the Isle of Mans credibility as an offshore financial services sector.

Most Irish media are running with the story with the Belfast Newsletter opening with:

‘A sum of £7 million was moved to an offshore bank account and earmarked for a Northern Ireland politician as part of the largest property deal in the history of the Province, the Dail has been told.

The extraordinary allegation by independent TD Mick Wallace, made under the legal privilege of the Republic’s Parliament, centres on the sale of the Northern Ireland loan book of NAMA, the Republic’s ‘bad bank’, just over a year ago.’

(Full Belfast Newsletter story at link below)

Whatever the veracity of Mr Wallace’s claim he seemed to touch a raw nerve when he pursued the issue, despite attempts to shut him up, in the Dáil yesterday. The Ceann Comhairle eventually told him to turn his information over to An Garda Síochána (the Irish Police)

Meanwhile in the North Unionists politicians are calling for the Police Service of Northern Ireland (PSNI) to launch an enquiry

The allegations also beg the question with a multi-million pound deposit like this into the Manx jurisdiction why did Manx Financial Regulators particularly the Financial Crime Unit (FCU) not pose questions? The FCU web pages do list as one of its core functions:

‘The FCU is the reception point for Suspicious Activity Reports (SARs), commonly known as Financial Disclosures which are reported by the Island’s finance sector through their statutory obligations under Proceeds of Crime Act 2008 (POCA) and Anti-Terrorism and Crime Act 2003 legislation’

This transaction should have been detected.
The new concerns about Manx/Irish financial links come only days after the Isle of Man featured in an unrelated Tax Evasion Case in the Dublin High Court (see link):

https://www.independent.ie/irish-news/courts/anglo-trial-hears-company-records-removed-from-banks-it-system-31328632.html

A report of the debate with Member Wallace’s allegations can be accessed at this page of the Dáil Debate:

https://oireachtasdebates.oireachtas.ie/debates%20authoring/debateswebpack.nsf/takes/dail2015070200020?opendocument

(Simply scroll to the next page for the IOM allegation or substitute 21 before the ? in the url)

Link to Irish News reports:

https://utv.ie/News/2015/07/03/NI-parties-call-for-investigation-into-Wallace-Dail-claims-40335

https://www.newsletter.co.uk/news/regional/7m-in-offshore-bank-account-for-ni-politician-dail-told-1-6831402

https://www.belfasttelegraph.co.uk/news/northern-ireland/belfast-solicitor-put-7m-in-isle-of-man-bank-for-politician-after-property-deal-31348725.html

Link to IOM media report

https://www.iomtoday.co.im/news/isle-of-man-news/funds-held-in-isle-of-man-at-centre-of-northern-irish-political-corruption-claims-1-7341338

Link NAMA:

https://www.nama.ie/

J B Moffatt (Mr)

Director of Information
Celtic League

03/07/15

(Please note that replies to correspondence received by the League and posted on CL News are usually scanned hard copies. Obviously every effort is made to ensure the scanning process is accurate but sometimes errors do occur.)

ISSUED BY 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

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