JFSC highlight money launderers who targeted a jeweller - no convictions or regulatory sanctions to date
The JFSC has highlighted on its website the following JERSEY events
- A group of criminals held £50,000 in cash gained from drug trafficking.
- They targeted a high-street jewellery business which held a high-value dealer licence.
- Within a few days, each person in the group repeatedly visited the jewellery shop to purchase items.
- Whilst none of them spent more than £12,500 in a single transaction, together they laundered £50,000 into jewellery, which could then be enjoyed or re-sold for a profit.
- The staff who took payments did not identify that the persons were operating together, and they did not consider the total amount spent by the group over multiple days.
The JFSC suggest the failure consequence
- If the business had more effective controls in place in line with the Handbook, they would have applied CDD measures and may have formed a suspicion that money laundering was taking place.
- The business in this example appears to be involved in money laundering and may be found guilty of the offence of dealing with criminals.
- The business failed to have relevant procedures to prevent and detect money laundering in line with the Money Laundering Order (MLO).
- They may be found guilty of an offence of contravening or failing to comply with a requirement contained in any Order made under Article 37 of the Proceeds of Crime Law.
- In addition, the business may be found to have broken AML/CFT Codes of Practice within the Handbook and may be subject to proceedings by the JFSC.
- As of today [21 March 2023], Comsure is unaware of any action being taken against the high-street jeweller
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