UK watchdog fines London insurer JLT Speciality Ltd £7.9m for involvement in bribery scandal
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The UK’s financial watchdog has fined London insurance broker JLT Specialty Ltd (JLTSL) £7.9m over its involvement in a multi-million-dollar bribery scandal.
The Financial Conduct Authority (FCA) hit the London broker with a £7.9m fine for failing to prevent financial crime, after an “introducer” working for the firm in Panama paid $3m in bribes to government officials at a state-owned insurance firm.
The bribery came after the UK broker paid $12.3m to its Colombian parent company, which in turn paid $10.8m to a third party introducer, who later paid out the $3m in bribes.
Mark Steward, Executive Director of Enforcement and Market Oversight, said: “Lax controls by JLT Specialty meant, ultimately, that money flowed into the pockets of corrupt officials.”
“It is because of risks such as this that we are maintaining our focus on financial businesses’ financial crime systems, taking action where these firms fall short.”