Manx company linked to 'transnational criminal organisation'

The report by US authorities claims PacNet has a 'lengthy history' of money laundering and involvement in a wide range of mail fraud schemes that target victims throughout the world.

 

Manx businessman Paul Davis is the president, partner, shareholder or corporate director in several PacNet companies including Manx Rare Breeds LTD. 

 

According to The Times the rare breed farm has now joined the likes of the Japanese Yakuza and a Mexican drug gang as an 'officially designated crime syndicate' in the US. 

 

The US Treasury claims Davis is 'directly involved' in couriering funds on behalf of PacNet clients, has 'knowingly misrepresented' to financial institutions the nature of the business of clients and 'instructed subordinates' to evade cross-border reporting requirements.

 

The international payments processor and money services business has now had all its assets frozen.

 

PacNet has responded to the claims stating that it 'absolutely and categorically' rejects the allegations made against it. 

 

The company has stated it will 'vigorously' defend itself against the unproved allegations which it claims it only learned about through media reports.