Another Day Another Offshore Scandal - Is the FSA Fit For Purpose?

NEWS FROM THE CELTIC LEAGUE

Just ten days after I highlighted the use by French politicians and their families of the Isle of Man ‘well regulated’ financial services sector to set up secret bank accounts 15 years ago another scandal is rocking the French establishment and the Isle of Man is in the frame again.

In an article to mark holocaust day I reported on the use made by Francois Mitterands son of the Islands banking services to carry on arms trading deals in Africa which ultimately cost thousands of lives. I said:

“(January 4th 2001 Celtic News: New allegations linking the son of the late French president to arms trading in Africa indicate that Manx registered companies may still be involved in this deplorable trade. This despite assurances that loopholes allowing Arms Traders to operate from the Isle of Man would be plugged.

Once again the links alleging trading by companies operating from the Isle of Man with the arms trade in Africa have been exposed. Jean-Christophe Mitterand son of the late French president is accused of illegal arms trafficking and is said to have used a string of companies in various tax havens including Switzerland and the Isle of Man. This is the latest in a string of connections stretching back decades which have seen Manx based companies involved in arms trading and breaches of UN sanctions on the continent.)

The full article that contains a lot more detail on other deals can be found here:

https://www.facebook.com/805941286121301/photos/pb.805941286121301.-2207520000.1454943907./963377640377664/?type=3&theater

Now a new scandal (not relating to arms trading) concerning tax evasion has broken concerning a former French Budget Minister, Jerome Cahuzac,

The details can be found at this this link:

http://www.thelocal.fr/…/french-ex-budget-minister-goeson-t…

It’s interesting that the same Swiss – Manx banking trail that ‘the Mitterand lad’ was using seems still to be a favoured conduit for French fraudsters.

As succeeding scandals lap against the shores of the Isle of Man was has to ask are the FSA (Financial Services Authority) and FCU (Financial Crime Unit) fit for purpose. The fact is whether some like it or not the financial services industry is at the present time a vital component of the Manx economy. There needs to be regulatory regimes in place that effectively police its operation. At present their efficacy seems questionable

BERNARD MOFFATT

Issued by: The Celtic News

08/02/16

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