On 19 February, a news release from Jersey advised that the Royal Court had imposed a fine of £550,000 on LGL Trustees Limited (LGL), and awarded costs of £50,000, for failing to comply with the requirements of the Money Laundering (Jersey) Order 2008. The offences concerned a failure by LGL to recognise and respond to the risk that a structure it set up and administered in Jersey might be used to embezzle funds from the public purse of an African country for the benefit of its rulers; and LGL’s failure to properly identify and verify the controllers of one of its customers, namely the board members of the National Bank of Angola – and then failed to remedy this for another 6 years.
https://www.gov.je/News/2021/Pages/TrustCompanyFined.aspx
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