JERSEY: TRUST COMPANY FINED £550,000 FOR BREACHES OF MONEY LAUNDERING ORDER

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

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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