JERSEY: TRUST FIRM COULD FACE £650,000 FINE OVER ANGOLA ARRANGEMENT

On 16 February, the Jersey Evening Post reported that a trust company could be fined £650,000 for failing to recognise ‘obvious’ money laundering risks when dealing with a firm investing millions of dollars of Angolan public money. LGL Trustees Ltd pleaded guilty to 2 charges in December.  In 2010, the company set up a ‘limited partnership’ structure and failed to recognise ‘numerous red flags’.

https://jerseyeveningpost.com/news/2021/02/16/trust-firm-could-face-650k-fine-over-angola-arrangement/

I would be grateful for any modest contribution for my time and ongoing costs of computer, relocation, and (still ongoing) removal costs, I have a page, where contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y

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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