Wilton (IoM) Ltd is being investigated for money laundering, which is the focus of litigation.

Wilton (IoM) Ltd.'s licence was revoked by the Isle of Man Financial Services Authority (IOMFSA) in January 2024 due to several serious failings.

1. The company was found to be conducting regulated activities without the necessary Professional Indemnity Insurance, and it was also insolvent in terms of cash flow and balance sheet.
2. The company had no operational staff except its two directors.
3. Wilton (IoM) was subsequently placed into voluntary liquidation.

WILTON GROUP

1. Founded in 1999, Wilton Group grew exponentially through several key acquisitions and had £2.2bn of funds under management by 2021.
2. Hartley Pensions, acquired by the Wilton Group in 2015, was placed into administration in July 2022.

ISABEL DOS SANTOS

1. Isabel dos Santos, once described as Africa’s richest woman, was one of Wilton IOM's clients.
2. Last year, the UK government imposed sanctions, including an asset freeze, on her for alleged corruption.

PWC 2023 AML REPORT

1. A Wilton (IoM) audit by PWC in 2023 raised concerns about non-compliance with anti-money laundering legislation.
2. It highlighted a lack of scrutiny of transactions, leaving the company open to heightened money laundering risk and potentially unable to identify unusual or suspicious activity.

MONEY LAUNDERING

1. Now we learn from the press that the IOM Police are investigating an island-based financial services firm over allegations of money laundering.
2. It is reported that

1. Wilton’s founder and managing partner, Irishman Michael Tony Flanagan, who has a home on Belmont Hill in Douglas, was interviewed under caution by police financial investigators in November.
2. Flanagan was questioned in connection with an investigation into Wilton (IoM) regarding offences of conspiracy to commit money laundering, money laundering and failing to disclose under the Proceeds of Crime Act.
3. The Proactive International Money Laundering Investigation Team is leading the inquiry.

LITIGATION

1. WILTON is also the focus of litigation in the UK, US, and Isle of Man regarding the collapse of its Hartley Pensions subsidiary, which has left 17,000 British pensioners in limbo.
2. Hartley Pensions Action Group members protested outside London’s Royal Courts of Justice last month when Mr Flanagan gave evidence to the Insolvency and Companies Court.
3. The case will return to court on June 11 for closing statements.
4. Hartley Pensions, acquired by the Wilton Group in 2015, was placed into administration in July 2022.
5. In an update in April, the joint administrators confirmed that unauthorised transfers from clients’ pensions had occurred before Hartley went into administration.
6. These were subsequently paid back but are the subject of civil litigation in the Isle of Man.
7. The high court appointed an interim receiver of Wilton (IoM)’s affairs, business, and property in November 2023.
8. Giving evidence to the Insolvency and Companies Court last month, Mr Flanagan acknowledged: ‘I wholly admit there are multiple inquiries, and I am fully co-operating with every one of them.’
9. He insisted that his regulatory record of working in the financial services industry was intact.

SOURCE

Wilton (IOM) Ltd had their license revoked in January 2024 – link below.

1. https://www.iomfsa.im/fsa-news/2024/jan/public-statement-in-respect-of-wilton-iom-limited-and-the-revocation-of-its-licence-to-carry-on-certain-regulated-activities-under-the-financial-services-act-2008-the-act/

Below is the story about the Founder and the ongoing investigation

1. https://www.iomtoday.co.im/news/police-investigate-isle-of-man-financial-services-firm-amid-money-laundering-claims-799354