Kenyan Government to investigate millions moved to IOM

Tuesday, 17 November 2020 07:42

By Leanne Cooke @leannelily18

The Kenyan government is to investigate with an online gambling firm illegally moved millions of pounds to the Isle of Man.

The country's Financial Reporting Centre is to look into £211 million which was moved to the Isle of Man, Canary Islands and Dubai over three years by SportPesa.

It wants to know if the money was declared to Kenya's Betting Control and Licensing Board and whether the company paid taxes on it.

The FRC says moving money offshore isn't illegal in itself, but it wants to know if rules were breached during the transfers.

More from Isle of Man Business

Regulator wants views on fit and proper guidance

The Gambling Supervision Commission says it's looking for feedback on new rules about who is fit and proper to run companies.
Hygiene events for the hospitality industry

The Department of Environment, Food and Agriculture has announced a series of hygiene training events for the hospitality industry.
Business support session in Douglas today

The Department for Enterprise is holding a drop-in session about business support today.
Book your place for graduate career fair

The countdown is on to the Island's largest graduate career fair next month!
Bank deposits rising, says regulator

The amount of money deposited in Island banks has risen by nearly two billion over the past two years, according to data from the Island's financial regulator.
Island maintains 'medium high' risk level for money laundering

The government's released a new national money laundering risk assessment for the Island.
Bank lending rises on Island

Total lending by Island banks reached nearly 11 billion by the end of last year.
New motorsports bar advertises for staff in countdown to TT

A new motorsports bar in Douglas has begun advertising for staff.