Daily news, documents and intelligence about Offshore Financial Centers and those who conduct business in them that you will not find anywhere else.

Global Regulatory Warnings & Actions

Selected Warnings & Actions by Financial Regulators around the world.

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Crypto Meca Ltd.: Registration Revocation

March 19, 2020 - Announced by the Isle of Man Financial Services Authority that the registration of Crypto Meca Limited was revoked for "failure to pay the annual fee".

KlickDeals GmbH: Public Warning

March 19, 2020 - Public Warning by the Swiss Financial Market Supervisory Authority regarding KlickDeals GmbH, which is "suspected of conducting unauthorised activities in the financial market. Editor's Note: Research by OffshoreAlert showed that, in filings with the Swiss Commercial Registry, KlickDeals GmbH's Managing Director and shareholder is identified as Habteyesus Hailemelekot, of Eritrea, having taken over from previous MD and shareholder Katerina Atanasova, of Bulgaria, in 2017.

Ajay Arora: Fine & Industry Ban

March 10, 2020 - Decision Notice by the Dubai Financial Services Authority announcing a fine and financial services industry ban regarding Ajay Arora, described as "Senior Executive Officer of Morgan Gatsby Limited", for breaches of Regulatory Law, including the promotion of the Essel Africa Natural Resource Fund, described as an "unregulated fund" domiciled in Luxembourg.

Bahamas Securities Commission: $850K Fraud

March 09, 2020 - Public Notice by the Securities Commission of the Bahamas that it was defrauded out of B$850,000 in January 2020 when a "fraudulent cheque" was deposited at, and cleared by, the regulator's bank.

Labuan FSA Enforcement Actions: March 2, 2020

March 02, 2020 - Enforcement Actions taken by Labuan Financial Services Authority on Labuan Licensed Entities from December 2015 to February 2020. The latest license revocations concern AbaUnion Limited, Better Place Strategic Investment Ltd.,FinFX Global Markets Limited, Advisers Worldwide (Malaysia) Limited, Opal Automart Pte Ltd., and Asian Trade Investment Bank.

Steven Seagal: Financial Penalties

February 27, 2020 - Administrative Order Imposing disgorgement of $157,000 and a fine of $157,000 - to be paid over 330 days under a payment plan - for promoting an Initial Coin Offering by Bitcoiin2Gen "without disclosing that the issuer was paying him for the promotions" against "well-known Hollywood actor and producer" Steven Seagal, a United States citizen residing in Russia, before the U. S. Securities and Exchange Commission.

Altarius Asset Management Ltd. et al: Reprimand

February 27, 2020 - Announcement by the Malta Financial Services Authority that it has reprimanded Altarius Asset Management Limited and its directors "at the time of the deficiencies identified by the Authority", Heinz Daxl, a citizen of Austria; Pierre Maliczak, a citizen of France, and Peter Mitterlehner, a citizen of Austria.

Enness Limited: Regulatory Fine

February 24, 2020 - Decision Notice by the Dubai Financial Services Authority regarding Enness Limited - DIFC Representative Office.

Kevin Gilligan: Corporate Disqualification

February 18, 2020 - Entry by the Guernsey Financial Services Commission of Kevin Paul Gilligan in its list of corporate disqualifications.

Charles Tracy: Corporate Disqualification

February 18, 2020 - Entry by the Guernsey Financial Services Commission of Charles Peter Gervais Tracy in its list of corporate disqualifications.

We hunt for red flags in high-value, cross-border finance by monitoring offshore and onshore courts, regulatory actions, offering documents, and other sources - and email you the results.

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Cayman Court Secrecy: A Huge Red Flag for Foreign Investors & Clients
David Marchant
As any fule kno, the biggest enemy of fraud, corruption, money laundering, and other forms of financial crime is transparency, while their best friend is secrecy. That's why the unprecedented mass sealing of cases that's taking place at the Financial Services Division of the Grand Court of the Cayman Islands is repugnant to anyone with a genuine concern for financial crime.