Two companies in the Isle of Man implicated in an international money laundering investigation are being wound up.
Ableton Prestige Limited and Amiga Entertainment, based in an office in Douglas, the island’s capital, were previously raided by police on 12 March and two arrests were made. At the time, the Isle of Man’s police force confirmed they had executed a search warrant in relation to a ‘large-scale’ international money laundering investigation.
Now, as reported by the Isle of Man Today, an application for the winding up of the two companies, as well as allied company Aperia (IoM) Ltd, was made to the High Court on April 16, and will now be heard at the Courts of Justice on 13 June.
Ableton Prestige Global previously surrendered its e-gaming licence with the Isle of Man’s Gambling Supervision Commission (GSC), which it had held since September 2018, in April 2024.
Following the March police raid, Ableton was subsequently named in a United Nations report, which claims that it has links to a ‘criminally implicated’ business group in Cambodia.
According to the report, corporate filings indicate both companies are owned by “a criminally implicated business group active in Cambodia that has been extensively linked to illegal online gambling and cyber-enabled fraud”.
Isle of Man gov warns of “exploitation”
Due to its established financial sector and links to the UK, the Isle of Man is often the destination of choice for operators seeking regulatory approval.
However, in March, the Island’s Cabinet Office warned against the threat of Southeast Asian crime groups infiltrating the region, calling for increased vigilance when conducting business linked to the region.
Following the raids, a Police spokesperson said: “The Isle of Man authorities continue to work in partnership, responding robustly to prevent, identify and disrupt any criminal activity of this nature.
“Money laundering is not a victimless crime and can be generated from other, appalling offences such as drug, arms and human trafficking, environmental crime, modern slavery, bribery and corruption. It is imperative that the Isle of Man authorities and industry across all sectors remain vigilant and mitigate vulnerabilities that can be exploited by criminals.
“The Isle of Man is committed to disrupting illicit activity and preventing the island, its people and financial and non-financial sectors from being exploited.”
Earlier this month, the GSC appointed Gregory Petts as its new Chairman. Upon the announcement of his new role, Petts reiterated the commission’s commitment to investing in the necessary resources to identify and respond to the threats of money-laundering, terrorist financing and proliferation financing (ML/TF/PF).
