A Northern Ireland insurance broker firm has been banned from operating by the Financial Services Authority in London watchdog because of concerns over money laundering.
Northern Ireland Insurance Brokers Limited (NIIBL), of Belfast, have been prevented from carrying out any form of regulated activity. The English regulator has been working with the Economic Crime Bureau of the PSNI on an investigation into suspicions that NIIBL and its directors were involved in financial crime.
The investigation, which is still in its early stages, has identified about Stg£8 million of funds which appear to have been laundered through the firm.
The FSA said it had taken the action because the firm had actively assisted clients in using false addresses in their investment dealings with product providers, and the addresses were either owned or controlled by NIIBL.
It added that the firm had also certified that the address given by clients was correct, and handled client money and assets of more than Stg£1.2 million without appropriate authorisation.
Carol Sergeant, managing director at the FSA, said: "The FSA is working closely with the police and other law enforcement agencies to fight money laundering. In this case we have joined forces with the Northern Ireland Police Service.
"All financial firms must play their part and follow the FSA's rules on identifying, reporting and preventing money laundering. Where we identify shortcomings we will not hesitate to take appropriate action."
The police investigation is ongoing.
No-one from NIIBL was available for comment.
PA