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Finance firm admits anti-money laundering failings

Finance firm admits anti-money laundering failings

Monday 07 December 2020

Finance firm admits anti-money laundering failings

A local finance firm has admitted two counts of failing to comply with anti-money laundering rules 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 first charge against LGL Trustees Limited stipulates that while carrying on a financial services business, the company failed to “maintain appropriate and consistent policies and procedures for the assessment and management of risk in order to prevent and detect money laundering."

This related to its business relationship with Quantum Global Real Easte AG which was acting on the behalf of the National Bank of Angola.

According to the indictment, the failure carried on from 1 April 2010 and 31 July 2016.

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.

LGL is said to have formed a business relationship with Quantum Global, without the “proper application of identification and verification measures” to the members of the Board of the National Bank of Angola in their capacity as controllers.

Over the same period, the company failed to apply “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.  

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