Collas Crill senior partner and head of the firm’s dispute resolution practice, Nuno Santos-Costa, was invited to discuss one of his landmark cases at a MLRO masterclass in the Isle of Man.
Nuno was invited to the island by the head of regulatory and compliance services at law firm DQ Advocates, Sinead O’Connor, to address approximately 200 delegates on the successful acquittal of the money laundering reporting officer from Jersey-based firm STM Fiduciaire Limited.
Nuno discussed the background of the proceedings, how the case was defended, what the court considered and the lessons learned from the case.
Nuno said: “For this specific case, it was the first time anyone has faced a criminal prosecution for failing to file a Suspicious Activity Report as opposed to facing civil regulatory sanctions. As the requirements for due diligence continue to increase, it’s important for businesses to know, legally, where they stand when assessing risk and combatting cross-border crimes such as money-laundering.”
In the first prosecution of its kind in Jersey, the Royal Court acquitted Michelle Jardine and STM Fiduciaire Limited of charges under the Proceeds of Crime (Jersey) Law 1999 (POCA).
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