firm, plans to finalise a deal next week to acquire a firm currently under investigation for money laundering.

A news bulletin from Offshore Alert last week said MRM was planning to purchase the Valmet Group, a financial service group present in eight jurisdictions, including Bermuda.

A spokesman for MRM in Philadelphia said the acquisition would be complete by next Tuesday, despite allegations by the United States Securities and Exchange Commission that Isle of Man-based STG Valmet channelled at least $16 million through a Bank of Scotland account to help a client.

The spokesman said the acquisition would help MRM gain ground in the financial services sector, but refused to comment further on the matter which, according to the London Sunday Business newspaper, is believed to be under investigation by the Isle of Man's Financial Supervision Commission.

In a December 10 article, Sunday Business said Valmet's client was bankrupt and disgraced financier Robert E. Brennan, who used $12 million of the money to buy back a Florida gambling ship he lost during bankruptcy proceedings. The cash was moved through two STG Valmet-controlled companies -- Sentinel Venture Funding and Oceanic Venture Funding -- to buy the boat, the SEC claims.