“Blood Gold” from the Democratic Republic of Congo linked to Jersey trust

The BBC online reports that

“Jersey financial regulators and the police have been accused of failing to act against a firm allegedly involved in moving gold sourced from a war zone.

Swiss company, Hussar Ltd, is nominally owned by a Jersey trust company.

It is the subject of an inquiry by Swiss authorities over claims it procured gold from the DR Congo linked to rebel militia, so-called blood-gold.

The Jersey Financial Services Commission said Hussar was not a regulated financial company.”

The full article is here.

In 2011, the World Bank reviewed 150 cases of grand corruption and found that most of them involved the use of a shell company. Although trusts only appeared in a minority of the corruption cases, where they did appear, there were links to Jersey, as well to Cayman, the Bahamas and US States (see page 44 at link).

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