FCA Fines Broker JLT £7.9M For Allowing Panama Bribes
By Martin Croucher (June 22, 2022, 11:22 AM BST) -- The Financial Conduct Authority said on Wednesday that it has handed a fine of £7.88 million ($9.65 million) to insurance broker JLT Specialty Ltd. for allowing millions of dollars in bribes to be channeled to corrupt officials in Panama.
The executive director of enforcement at the FCA has said that lax controls by JLT Specialty meant that "money flowed into the pockets of corrupt officials." (Chris Ratcliffe/Bloomberg via Getty Images)
The London-based broker had failed to maintain proper controls in its business dealings in the Central American country, the watchdog said.
"Lax controls by JLT Specialty meant, ultimately, that money flowed...
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