The first criminal prosecution in Jersey for failing to file a Suspicious Activity Report has resulted in acquittals for both the individual and corporate defendant charged.
STM Fiducaire Ltd, a Jersey-based wealth management business, and an employee of STM, Michelle Jardine, were prosecuted for offences under the Proceeds of Crime (Jersey) Law 1999 (“POCA”). The defendants had been charged with the alternative offences of “Failure to disclose knowledge or suspicion of money laundering” and “Failure in a financial institution to report to designated police officer, designated customs officer or nominated officer” contrary to sections 34A and 34D of POCA. Both offences carry potential penalties of up to five years’ imprisonment.
The four day trial dealt with allegations surrounding conduct dating from 2011, when Mrs Jardine was the MLRO and director for STM. According to a report by the law firm who represented the defendants, it was the prosecution’s case that:
The Royal Court is said to have heard evidence from:
On behalf of the defence it was apparently argued that:
The senior partner at Collas Crill, the law firm representing Mrs Jardine, is reported to have said:
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KYC360 Weekly Roundup - 6th September 2024