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At the same time the insurance company P concluded with the construction company A a secret agreement providing that the difference between the market cost of housing and the cost price was transferred in favour of the insurance company as a premium under the contract of financial risks insurance.When the funds were received by the insurance company P they were transferred as insurance premium under the general reinsurance contract in favour of insurance company X.The insurer was prepared to pay four times the market rate for this reinsurance cover.This raised the suspicion of the reinsurer which contacted law enforcement agencies.
MI5 marked his death with the terse note: 'He has now been liquidated.'Harold Cole was his name, though he went by many others.
By way of fictitious service contracts and commission payments made under an agency contract, insurance company X channelled the funds to several off-shore shell firms.
Beneficiaries of the actual profit, being withdrawn abroad, were owners and directors of the construction company A.
The investigation showed that the client had made it known that the funds used to finance the policy were the proceeds of drug trafficking.
In light of this fact, the agent charged significantly higher commission.
The impression is that – although drug money would be laundered by a payment received from the reinsurer – the main purpose was to create the appearance of legitimacy by using the name of a reputable reinsurer.