A major money-laundering investigation is underway this week in the Isle of Man, a popular location for some international businesses seeking favorable corporate and individual tax policies.
According to the BBC and the Isle of Man Today news service, a number of enforcement bodies have worked together to uncover an estimated £21 million in money laundering and VAT fraud. The investigation includes locations in Guernsey and the United Kingdom, as well.
The Isle of Man Financial Crime Unit is leading the investigations in the capital of Douglas, and the unit announced that so far it has made numerous arrests and that it is looking at 25 different Isle of Man-registered companies.
The Financial Crime Unit is requesting that all businesses on the island that have connections to these implicated companies and individuals make reports of any transactions or connections to these companies.
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