Lowtax Network

Back To Top

Your Lowtax Account

Jersey Highlights AML Conviction

by Jason Gorringe, Lowtax.net, London
08 March, 2016

The Attorney General of Jersey, Robert MacRae, has hailed the conviction of local company Windward Trading Limited for money laundering.

On February 24, 2016, Windward Trading Limited, a Jersey-registered company, pleaded guilty to four counts of money laundering before the Royal Court of Jersey. The Royal Court imposed a confiscation order of GBP3.28m (USD4.66m) and USD540,330, thereby stripping the company of all its assets.

MacRae said: "This is a very important case, demonstrating Jersey's commitment to combating money-laundering and tackling international corruption. I look forward to discussions with the Kenyan authorities on an asset sharing agreement in order to repatriate the confiscated funds to Kenya in an appropriate manner."

The Jersey Government said the conviction of Windward is the result of a ground-breaking international investigation that was conducted by the Jersey Law Officers' Department under the supervision of the former Solicitor General, Howard Sharp. It said the evidence in the money laundering case is extensive and the investigation took many years to complete. Documents and witness evidence were secured by legal assistance from twelve jurisdictions in order to prove complex cross border money laundering techniques. Windward admitted to laundering the proceeds of corruption between July 29, 1999, and October 19, 2001. The corrupt activities took place in Kenya where Windward's beneficial owner, Samuel Gichuru, is resident, the Government said.


See all of today's news


 

News Archive

Event Listings

Listings for the leading worldwide conferences and events in accounting, investment, banking and finance, transfer pricing, corporate taxation and more...
See Event Listings »