Dirty Banking Back On The Agenda As NAMA Deal Resurfaces

NEWS FROM THE CELTIC LEAGUE

“Isle of Man’s banking system still akin to that of a banana republic than a highly regulated offshore centre”.

The NAMA (Ireland’s National Asset Management Agency – see link) story has resurfaced to somewhat dent all those assertions last year that the Isle of Man had moved on was no longer a dodgy tax haven where dubious deals were done and had cleaned up its act.

The allegations first surfaced when the Irish TD Mick Wallace asserted in the Dail that several million pounds had been lodged offshore in an bank account in the Isle of Man and he alleged this money connected to the sale of the NAMA North of Ireland portfolio of properties was to be used as a sweetener for political and business interests.

Allegation and counter claim swirled around and eventually all manner of investigations were underway in Ireland the United Kingdom and the United States.

Not much information about anything happening in the Isle of Man but unless the Financial Crime Unit have been seconded to assist the Road Traffic Unit with its ‘crackdown on errant motorists; we can but hope they are on the case as well.

This week there are calls in Island to broaden the enquiry and new allegations from the BBC NI investigative team on the Spotlight programme.

Obviously the main focus in Ireland is on who was involved, whether it included senior figures and just what the extent of the alleged graft was/is.

However from a Manx perspective my question is much simpler. How is it that you can set up an account and deposit about £7 million into it from Ireland without some sort of light flashing at the bank, the FCU and the FSA?

I personally don’t give stuff about what shenanigans politicians and crooked businessmen of which there seem to be abundance outside our Island get up to. What does worry me is that we may be paying people gold-plated salaries that just are not up to the job.

It is past time Eddie Teare MHK, the Manx Treasury Minister, emerged from his home which he recently likened from a domestic security perspective to Fort Knox and addressed the ‘security’ of the Isle of Man’s banking system which is still it seems akin to that of a banana republic than a ‘highly regulated offshore centre’!

Related links:

http://www.newsletter.co.uk/…/bbc-records-cushnahan-admitti…

http://www.rte.ie/news/2016/0301/771701-nama-reax/

https://www.nama.ie/

Photograph: NAMA HQ Treasury building Dublin.

BERNARD MOFFATT

Issued by: The Celtic News

01/03/16

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