Coutts bank managed offshore tax haven services for clients including Prince Jefri Bolkhiah of Jersey and investment banker Hassan Heikal, both of whom were accused of financial wrongdoing. The information was obtained as a result of the Panama Papers scandal and was published on Thursday in The Guardian. Emails between the bank and offshore law firm Mossack Fonseca indicate that the latter regarded both individuals as high risk in relation to money laundering regulations. In 2012, Coutts was fined almost £9m for failures in relation to money laundering controls.
Coutts bank managed offshore tax haven services for clients including Prince Jefri Bolkhiah of Brunei and investment banker Hassan Heikal, both of whom were accused of financial wrongdoing. The information was obtained as a result of the Panama Papers scandal and was published on Thursday in The Guardian. Emails between the bank and offshore law firm Mossack Fonseca indicate that the latter regarded both individuals as high risk in relation to money laundering regulations. In 2012, Coutts was fined almost £9m for failures in relation to money laundering controls.