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30/05/2002
Belfast firm involved in money laundering allegations
The Financial Services Authority (FSA) has stopped a Northern Ireland broker from conducting business due to allegations of money laundering.
The FSA has prevented Northern Ireland Insurance Brokers Limited (NIIBL) in south Belfast from carrying out any business due to suspicions that approximately £8 million has been laundered through the firm.
Carol Sergeant, Managing Director at FSA, said they were working closely with the Northern Ireland Police Service and the Economic Crime Bureau to find out whether the company’s directors are guilty of financial crime.
“All financial firms must play their part and follow the FSA’s rules on identifying, reporting and preventing money laundering. Where we identify shortcomings we will not hesitate to take appropriate action.”
The police investigation, which is still in its early stages, has already identified funds of approximately £8 million which appear to have been laundered through the firm. The police expect that their investigation will eventually lead to criminal charges being made.
FSA said they had taken this action, among other reasons, because the firm had actively assisted clients in using false addresses in their investment dealings with product providers - with the address being either owned or controlled by NIIBL.
(AMcE)
The FSA has prevented Northern Ireland Insurance Brokers Limited (NIIBL) in south Belfast from carrying out any business due to suspicions that approximately £8 million has been laundered through the firm.
Carol Sergeant, Managing Director at FSA, said they were working closely with the Northern Ireland Police Service and the Economic Crime Bureau to find out whether the company’s directors are guilty of financial crime.
“All financial firms must play their part and follow the FSA’s rules on identifying, reporting and preventing money laundering. Where we identify shortcomings we will not hesitate to take appropriate action.”
The police investigation, which is still in its early stages, has already identified funds of approximately £8 million which appear to have been laundered through the firm. The police expect that their investigation will eventually lead to criminal charges being made.
FSA said they had taken this action, among other reasons, because the firm had actively assisted clients in using false addresses in their investment dealings with product providers - with the address being either owned or controlled by NIIBL.
(AMcE)
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