How Robust Are Transactions Procedures Treasury Minister Asked

This news published by the Celtic League:

NEWS FROM THE CELTIC LEAGUE

HOW ROBUST ARE TRANSACTIONS PROCEDURES TREASURY MINISTER ASKED

Following allegations in the Dail that an account containing £7 million pounds was set up in the Isle of Man related to a NAMA deal the Celtic League has asked Treasury Minister Eddie Teare if safeguards and intelligence about banking activity in the Isle of Man is adequate.

The League has focused on the role of the FCU which apparently has a Financial Intelligence Unit.

“Hon Eddie Teare ACIB MHK
Isle of Man Treasury Minister
Government Offices
Bucks Road
Douglas
Isle of Man
IM1 3PZ

15th July 2015

Dear Minister,

Ref: Financial Crime Unit - FIU

You will be aware of allegations made in the Dail, by Mick Wallace TD, surrounding the deposit of millions of pounds in a Bank account in the Isle of Man connected to the sale of a National Management Agency (NAMA) portfolio.

That issue is currently the subject of a UK National Crime Agency investigation and I would not expect you to comment on that specific case.

However can I ask if you are satisfied that arrangements in place involving the FSC, FCU and the financial services industry generally are robust enough?

Additionally, given that the FCU has a ‘Financial Intelligence Unit’ (FIU) are you satisfied that the setting up of new accounts in the Isle of Man and the deposit into same of substantial sums of money is being given adequate scrutiny?

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.

Can you provide details of the combined cost of operating the FSC and FCU in the last financial year?

Finally, given the general buoyancy of the Manx economy at present, are you satisfied the overall resources in place for both the FSC and FCU to carry out their respective roles are adequate?

Yours sincerely

J B Moffatt (Mr)
Director of Information”

Related links on Celtic News:

https://www.celticleague.net/…/nama-even-if-theres-a-happy…/

https://www.celticleague.net/…/nca-on-the-case-of-nama-ni-…/

J B Moffatt (Mr)

Director of Information
Celtic League

15/07/15

THE CELTIC LEAGUE INFORMATION SERVICE.

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Photo: Eddie Teare MHK Isle of Man Treasury Minister.