A MARRIED couple were yesterday found guilty of a series of money-laundering offences by the Royal Court. Michael Doyle, 47, and Belinda Lanyon, 54, were also convicted of carrying out regulated activities within the Bailiwick of Guernsey without a licence from the Guernsey Financial Services Commission, which they had also denied. At the end of […]

On Wednesday 17th June, the European Union published a blacklist of international tax havens which are considered to be “non-cooperative”. Thirty jurisdictions have been blacklisted, but Guernsey, one of the thirty, has been blacklisted in error. The States of Guernsey, Guernsey’s legislative body, is currently in communication with the EU to remove Guernsey from the […]

David Cosgrove and Cobus Kellermann, fund managers under investigation by authorities in at least three jurisdictions, said the Guernsey regulator reached mistaken conclusions in an April affidavit that noted alleged failings. • “The Guernsey regulator may have been fed misinformation by their sources and reached erroneous conclusions,” Cosgrove and Kellermann said Wednesday in an e-mailed […]

Belvedere Management Group fund vehicle Brighton SPC has been taken over by the Cayman Islands Monetary Authority following the completion of a “forensic examination”. As at 1st June 2015 the Cayman Islands Monetary Authority (“the Authority”) appointed David Alexander Kenneth Walker and Simon Richard Conway (“the Controllers”) of the firm of PwC Corporate Finance & […]

The Guernsey Financial Services Commission (“Commission”) invites comments on this consultation paper. The Commission seeks feedback on a number of proposals to amend the Bailiwick’s Handbooks for financial services businesses and prescribed businesses on countering financial crime and terrorist financing. The Commission recognises that technology is changing traditional methods of undertaking due diligence. Demand from […]

Offshore fund group Belvedere Management, which claims to have $16 billion of assets under administration, management and advisory, appears to be one of the biggest criminal financial enterprises in history, headed by David Cosgrove, Cobus Kellermann and Kenneth Maillard, OffshoreAlert can reveal. IT IS not certain if or to what extent investors have been bilked, […]

The Guernsey Financial Services Commission (FSC) on Friday successfully applied to place three fund vehicles with ties to Belvedere Management under administration. The Guernsey court granted the application to place the Global Mutual Fund PCC Limited, Worldwide Mutual Fund PCC Limited and Universal Mutual Fund Limited under the care of an independent administrator. The three […]

IT IS not certain if or to what extent investors have been bilked, or who has done the bilking. Indeed, it is hard to establish very much at all, given the complexity of the case: authorities in the Cayman Islands, Guernsey and Mauritius are all looking into it and a South African financial regulator is […]