Prince Andrew was main draw as he unveiled the headquarters of Banque Havilland – a bank for the super rich. Now it’s lost its licence.
Prince Andrew was in enthusiastic form when he agreed to open a new bank in Luxembourg for his close friend and former Tory treasurer David “Spotty” Rowland in 2009., was the main draw as he unveiled the headquarters of Banque Havilland, a lender formed by Rowland and his family from the remnants of a collapsed Icelandic bank.Credit:Addressing Rowland’s son Jonathan, he praised the “initiative of an English family” who “took the risk of investing outside the borders of the United Kingdom”.
EU officials have given no further details about why it banned the bank, but it is understood the licence was revoked owing to repeated breaches of the ECB’s rules.Such obligations generally include disclosing proper anti-money laundering controls and abiding by regulatory demands.Sources close to the Rowland family have also voiced their discontent. “The actions of the ECB are unjust, politically motivated and unnecessary and will not be left unchallenged,” said one source.
Edmund Rowland, the chief executive of Havilland’s now closed London office and Rowland’s son, as well as two other employees, were subsequently banned by the regulator over their role in the alleged plot and the bank was fined £10 million .According to the FCA allegations, Edmund Rowland and the two employees hatched a plan for the United Arab Emirates to wage a financial war against Qatar by manipulating the bond market to attack the country’s currency.
The CSSF, led by grizzled regulator Claude Marx, said the lender failed to comply with rules on “sound and prudent business management” and the “fight against money laundering”.For David Rowland, the swirl of controversy around his bank is the latest setback for the businessman. However, he stood down shortly after his appointment in 2010 amid scrutiny of his tax affairs. Prior to that, he had been a long-term tax exile in Guernsey before returning to the UK.
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