The commission said it was working to stop the new website

The scam involves getting customers to hand over �5,000 to invest in the phoney Northern Offshore trust bank.

The new site came to light after names of directors of a Norwegian telecom firm were used to front the fake bank.

The Guernsey Financial Services Commission said it was working to stop a new website being used.

Commission Director General Peter Neville said: "We added the details to the commission's website list of bogus banks, including its website's domain name, and the offending site was closed down two years ago.

"But we understand the site has been resurrected with a new web address and we're taking steps to close this one down."

'Complete shock'

Norwegian telecom company Telenor said the use of its directors' names in the scam came as a complete shock to the company.

Telenor Chief Executive Jon Fredrik Baksaas and his colleagues were listed as holding the positions in the fake Guernsey bank, but knew nothing about it.

Telenor said that it was taking legal action to get the Northern Offshore website removed.

The scam is being compared to the classic "Nigeria-scam" carried out via e-mail.

It involves scam artists - often masquerading as corrupt officials or sons and daughters of dead dictators - offering people via e-mail or faxes shares in hidden fortunes in exchange for simple administrative assistance.