United States: £550K fine for firm’s anti-money-laundering breach

A TRUST company that broke anti-money-laundering laws when dealing with a client who was investing millions of dollars of Angolan public money has been fined £550,000.

LGL Trustees pleaded guilty to two related offences under Article 37(4) of the Proceeds of Crime (Jersey) Law in December and must also make an additional £50,000 contribution towards the costs incurred by the prosecution.

Earlier this week, during an initial sentencing hearing, Solicitor General Matthew Jowitt said the company had classed the business relationship as being ‘very high risk’ and had been told by its money-laundering reporting officer in 2011 to cease its relationship with the client, Quantum Global.

However, the relationship continued for six years and LGL also failed to disclose to the JFSC that QG’s owner, Jean-Claude Bastos de Morais, had, in July 2011, been convicted of ‘repeated qualified criminal mismanagement’ by a Swiss court.

The original full article can be found at jerseyeveningpost.com


Ready to find out more?

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top
Share via
Copy link
Powered by Social Snap