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Jersey-based trust company fined £550,000 for AML breaches

News Team, 23/02/2021

The Royal Court of Jersey has fined LGL Trustees £550,000 for failing to comply with anti-money laundering requirements.

LGL pleaded guilty on 4 December to two related offences under Article 37(4) of the Proceeds of Crime (Jersey) Law 1999 for breaches of the Money Laundering Order. The fine was given on Friday 19 February.

The first offence 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.

The second offence contained relates to LGL’...


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