News

LGL Trustees Ltd admits money laundering offences in jersey

16/12/2020

LGL Trustees admitted two counts of failing to comply with anti-money laundering rules, between April 2010 and 31 July 2016, in relation to a real estate company that was acting on behalf of the National Bank of Angola.

LGL Trustees will be sentenced before Royal court on 15 February 2021.

The Criminal Case is as follows:-

  1. Failure to comply with the requirements of Article 11`(l)(f) of the Money Laundering (Jersey) Order 2008 (1 Count)
  2. Failure to comply with the requirements of Article 3 and Article 13 of the Money Laundering (Jersey) Order 2008 (2 Counts)

Summary - LGL Trustees Ltd Friday 4 December 2020 admitted, failing to

  1. MAINTAIN appropriate and consistent policies and procedures while they had been conducting a business relationship with Quantum Global Real Estate AG [QGRE], which was acting on behalf of the National Bank of Angola.
  2. APPLY identification and application measures, When forming a business relationship with QGRE, to the members of the board of the National Bank of Angola.
  3. ENSURE that certain pieces of information, relating to the board of directors of the National Bank of Angola, were kept up to date.

THE FIRST CHARGE against LGL Trustees Limited focuses on the period between 1 April 2010 and 31 July 2016.

  1. that while carrying on a financial services business, the company failed to
  2. “maintain appropriate and consistent policies and procedures for the assessment and management of risk in order to prevent and detect money laundering."
  3. This related to its business relationship with Quantum Global Real Estate AG which was acting on the behalf of the National Bank of Angola.

THE SECOND CHARGE focuses on the period between 31 August 2010 and 31 July 2016, during which LGL is said to have “contravened or failed to comply with the requirements” of two articles of the Money Laundering Order, which focus on customer due diligence measures.

  1. LGL is said to have formed a business relationship with Quantum Global, without the
  2. “proper application of identification and verification measures” to the members of the Board of the National Bank of Angola in their capacity as controllers.
  3. Over the same period, the company failed to apply
  4. “ongoing monitoring measures” by not obtaining and keeping record of information obtained under identification and verification measures.

Advocate William Grace entered guilty pleas to both counts on behalf of the company which was represented by Director John Pirouet.

https://www.bailiwickexpress.com/jsy/news/lgl-trustees/#.X9m9QNj7RyE

https://www.comsuregroup.com/news/jersey-money-laundering-case-in-the-royal-court-tomorrow-friday-4th-december-2020/

https://www.comsuregroup.com/news/money-laundering-charges-admitted-in-jersey/