CURACAO: TRUST COMPANY DIRECTORS FAILED TO REPORT UNUSUAL TRANSACTIONS INVOLVING PEP

The Daily Herald on 12th April reported that STC Administration and Management Service NV and 2 Foundation Escrow STC’s directors have been found guilty by the Court of First Instance of violation of the Ordinance on Unusual Transactions, and failed to report 3 unusual financial transactions to the Unusual Transactions Reporting Centre MOT in Curaçao in July and August 2011 and August 2017.  8 transactions were mentioned in the indictments, involving the total amount of approximately $2.5 million, but only 3 of these were found proven.  2 payments of $300,000 in total from an Isle of Man company to an Anguilla company for the purchase of property, allegedly on behalf of St. Maarten politician Theodore Heyliger.  A listening device provided evidence that led the Court to conclude that suspects had reason to believe that these transactions were made in connection with money laundering, and were also suspected of having destroyed or hidden evidence requested in 2017.

https://www.thedailyherald.sx/islands/86759-trust-company-directors-failed-to-report-unusual-transactions

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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