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Zimbabwe Anti-Corruption Commission (Zacc) pursues properties in Isle of Man


Amadeus
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37 minutes ago, Amadeus said:

I thought our tough financial rules were supposed to put a stop to this, Benefificial Ownership Rules, Moneyval. Know your Customer. Operating a company on the IOM you have to jump through more hoops than a tin of spaghetti hoops. You can’t open a bank account without reams of documentation. Perhaps it’s easier to impose red tape upon the residents and overseas investors can invest without restrictions. 

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1 hour ago, 2112 said:

I thought our tough financial rules were supposed to put a stop to this, Benefificial Ownership Rules, Moneyval. Know your Customer. Operating a company on the IOM you have to jump through more hoops than a tin of spaghetti hoops. You can’t open a bank account without reams of documentation. Perhaps it’s easier to impose red tape upon the residents and overseas investors can invest without restrictions. 

That article refers to properties on the IOM. Not IOM companies or IOM Bank Accounts.

I think that if a property was acquired they would have to use an advocate and the advocate would have to be happy with the source of funds used to buy the properties. It is also possible that the article has left out details so that IOM companies or bank accounts were used.

I can confirm that opening bank accounts for companies with non-resident owners does involve a lot of jumping through hoops.

 

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45 minutes ago, Phillip Dearden said:

That article refers to properties on the IOM. Not IOM companies or IOM Bank Accounts.

I think that if a property was acquired they would have to use an advocate and the advocate would have to be happy with the source of funds used to buy the properties. It is also possible that the article has left out details so that IOM companies or bank accounts were used.

I can confirm that opening bank accounts for companies with non-resident owners does involve a lot of jumping through hoops.

 

As ever, the language is not clear.   I am not sure it does refer to properties here or if the legal proceedings are here. 

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It’s a very poor report.

the properties are said to be valued at $7 million. But there are 20 of them. That’s $350,000 each. That’s £252,000. First time buyer trade up territory.

So, not Manx mansions. Hardly Mansions, unless you’re rural or poor urban Zimbabwean.

Its not said where the properties are, or when they were acquired. AML KYC CDD was much less stringent 20+ years ago.

I’m assuming it’s likely they’re held through IoM companies or structures.

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7 hours ago, 2112 said:

I thought our tough financial rules were supposed to put a stop to this, Benefificial Ownership Rules, Moneyval. Know your Customer. Operating a company on the IOM you have to jump through more hoops than a tin of spaghetti hoops. You can’t open a bank account without reams of documentation. Perhaps it’s easier to impose red tape upon the residents and overseas investors can invest without restrictions. 

This is Zimbabwe we’re talking about. The most unregulated corrupt place on the entire planet. It will likely be tax or exchange control related and fabricated / designed to attack people the current government don’t like. It’s not like this is the action of a legitimate democratic government but a throughly bent African kleptocracy.

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It is difficult to understand exactly what the facts are, as it seems the main purpose is to trumpet the success of ZACC. 

We don't know where the properties are, we don't know when they were bought or how they have been valued, we don't know if they were held through an IOM structure (although that seems likely), we don't know if there is a bank account involved, or where it may be. 

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2 hours ago, offshoremanxman said:

This is Zimbabwe we’re talking about. The most unregulated corrupt place on the entire planet. It will likely be tax or exchange control related and fabricated / designed to attack people the current government don’t like. It’s not like this is the action of a legitimate democratic government but a throughly bent African kleptocracy.

I wonder if the IOM is due a visit from the Guardian and will HRH The Chief Minister be appearing on Panorama? I think the Corpy best get the chewing gum machine out to clean the pavements of Athol Street. 

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3 hours ago, asitis said:

Apparently the Zimbabwe Anti-Corruption Commission, discovered these anomalies when they were here working for the IOM Government in a consultancy capacity !

 

How so?  It would be interesting to know what kind of consultancy and to which department. 

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