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Island firm castigated in US Treasury report

Colught Ellanagh smaghtit ayns tuarastyl Tashtey ny Steatyn Unnaneyssit

Ta colught Ellanagh er ny enmys ayns ronsaght gheyragh, liorish lughtyn-reill Steatyn Unnaneyssit jeh niee argid.

Cordail rish Rheynn-Tashtee ny Steatyn Unnaneyssit. colughtyn lesh, ny stiurit liorish, fer-dellal Ellanagh Paul Davis, t'ad er ghellal dy tushtagh rish eeckyn, ass lieh skeimyn postagh molteyragh rish feed blein.

Mnr Davis, ta stiurey gowaltys sheelrey goan ayns jiass yn Ellan, t'eh er nyiooldey ny lhiassaghyn - as t'eh er chur fendeilys niartal ayns gioal.

Ta Rheynn-Tashtee ny Steatyn Unnaneyssiit er nenmys Possan PacNet dy ve ny 'heshaght oolee tessen-ashoonagh vooar'.

PacNet, ta gobbraghey fo-cholughtyn as co-cholughtyn ayns hoght çheeraghyn jeig, t'eh grait ayns y tuarastyl dy ve ny 'yantagh-eeck trass phartee jeh reih', son sleih ta stiurey skeimyn molteyragh postagh.

She PacNet ta dellal rish argid goit veih shenn sleih as sleih gyn coadey - argid ry-hoi kionneeaghtyn cronghyr dy mennick. Ta argid goll er cur erash da kialgeyryn. er aghtyn ta keiltyn y kiangley.

Cordail rish y tuarastyl, lhiann PacNet rish dellal rish eeckyn, ga dy dinsh lughtyn-reill Steatyn Unnaneyssit da dy vel ny colughtyn t'eh dellal rish 'goaill ayrn dy bollagh ayns molteyrys postagh foddey-skeaylt.'

Y niee argid lhiassit, t'eh grait dy vel shen er chur er consumeyryn Americaanagh millioonyn dy ghollaryn y choayl ny lomarcan.

Ta Paul Davis ny eaghtyrane, ronneyder, ayrniagh ny stiureyder ayns paart dy cholughtyn as co-cholughtyn ec PacNet - ta jees jeu soit ayns  yn Ellan.

Ayns fockley, ta Shirveishyn PacNet gra dy jean eh fendeil eh hene 'dy niartal' noi ny 'lhiassaghyn neu-phrowit', as dy vel 'claare biallys gyere' ayns ynnyd echey.

Ta'n çheshaght er chur sthap da dellal rish eeck son obbraidyn postagh jeeragh.


Island firm castigated in US Treasury report

An Isle of Man company has been named in a damning investigation by United States authorities into money laundering.

According to the US Department of Treasury, companies owned or controlled by Island businessman Paul Davis have knowingly processed payments on behalf of mail fraud schemes for 20 years.

Mr Davis, who runs a rare breeds farm in the south of the Island, has rejected the allegations - and pledged a vigorous defence.

The US Treasury Department has designated the PacNet Group 'a significant transnational criminal organisation.'

PacNet, which operates subsidiaries and affiliates in 18 countries, is described in the report as 'the third party payment processor of choice' for perpetration of mail fraud schemes.

It says payment extracted from elderly and vulnerable people often for lottery purchases, is processed by PacNet - with funds returned to scammers, in ways which obscure the link.

According to the report, PacNet continued to process payments despite being notified by US authorities the companies it deals with are 'actively involved in widespread mail fraud.'

The alleged money laundering operation is said to reflect the loss of millions of dollars to US consumers alone.

Paul Davis is president, shareholder, partner or director in several PacNet companies and associate firms, two of which are based in the Island.

In a statement, PacNet Services says it wil 'vigorously' defend itself against the 'unproven allegations' and it has a 'rigorous compliance programme in place'.

The organisation has ceased processing payments for direct mail operations.

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