Luxembourg bank Banque Havilland warned by watchdog over Qatar advice

Warning: Banque Havilland’s headquarters in Luxembourg

A Luxembourg bank which counts Prince Andrew as a client has been warned by the City watchdog.

Banque Havilland, controlled by Tory party donor David Rowland, gave ‘improper advice’ in a presentation to potential clients ‘which could be taken to harm the economy of Qatar’, the Financial Conduct Authority (FCA) claimed.

Qatar sued the bank in 2019, saying it led a financial attack designed to destabilise it when it was being blockaded by neighbours. 

Last month, Qatar said the case had been settled. The FCA said: ‘Banque Havilland exposed itself to the risk it might be used to further financial crime.’

In 2017, Rowland paid off a £1.5million loan to Prince Andrew, who then contacted the office of the Prince of Monaco on behalf of Rowland, asking for advice for his friend on how to set up a bank there. 

The bank said it was challenging the FCA’s warning.