ECB Revokes License of Bank Owned by Friends of Prince Andrew

The European Central Bank has stripped Banque Havilland SA of its license, closing a 15-year chapter that saw the Luxembourg-based private bank face sanctions from regulators over anti-money laundering failings and an alleged attempt to destabilize the economy of Qatar.

The lender will no longer be able to operate from Luxembourg, according to a statement from Commission de Surveillance du Secteur Financier, the Luxembourg financial regulator. The decision effectively shutters the firm, which is owned by the family of close friends of disgraced British royal Prince Andrew.

In a statement the bank said it will challenge the loss of its ...