Feb 18, 2021
A ROYAL court decision to fine a finance firm for ‘obvious’ compliance failures has sent a ‘clear message’ that anti-money-laundering rules must be followed in Jersey, the financial regulator has said.
Martin Maloney, director general of the JFSC. Picture: JON GUEGAN. (30259324)
LGL Trustees Ltd learned this week that it is facing of hundreds of thousands of pounds for failing to recognise ‘numerous red flags’ when dealing with its former client Jean-Claude Bastos de Morais, who previously faced prosecution in Angola related to the misappropriation of government money. The Royal Court judgment is due to be made tomorrow.
Representatives of the firm pleaded guilty to the charges in December and appeared in the Royal Court on Monday for a sentencing hearing.