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).