|Cash seized after international investigation|
|Written by Royal TCI Police Force|
|Friday, 23 March 2012 12:38|
RTCI Police is celebrating another major victory in its on-going fight against crime.
The Financial Intelligence Unit (FIU) has seized $189,000 after successfully gaining its first ever civil recovery order.
The money, which represents proceeds from crime, was recovered by detectives following a suspicious transaction report made by a TCI financial institution in May 2008.
Officers were able to link the cash directly to a Taiwanese fugitive wanted in connection with the laundering of more than US$500m in his homeland.
Detective Inspector Willin Belliard, explained: “The financial institution in question became suspicious about the way the account was being handle and so reported the matter to the FIU.
“Our investigations led us to a wanted fugitive in Taiwan and after working with the Taiwan Competent Authority, it was confirmed that the subject was wanted in connection with the laundering of over US$500m, which his father is believed to have acquired through bribes and corruption while employed as a senior official in the Taiwanese Government.
“Having gained this information, we then successfully gained a court order to freeze the account. Further detailed investigations, and the examination of financial records, resulted in a direct link being made between the $189,000 and the $500m.”
Det Insp Belliard, who heads the FIU said he was delighted with the outcome.
“A great deal of good police work was put into the case”, he said. “The investigation lasted over three years and a lot of international inquiries were made. We also made use of international intelligence databases to obtain the majority of our initial information.
“Obviously we are delighted with the outcome and to have recorded our first civil recovery order. This case proves that you don't need a conviction to recover the proceeds from crime.
“Establishing the money is derived from criminal conduct is enough and this sends out a clear warning to others.”
The money has now been deposited in the National Forfeiture Fund account, with the director of the Financial Services Commission appointed as trustee.
The FIU is an independent unit within the RTCI Police Financial Crime Unit and has been operating since 2007.
It acts as the TCI’s national central agency for the receipt, analysis, dissemination and investigation of suspicious transaction reports and the request of financial information from the business sector.
The unit is also responsible for cash seizures, civil recovery matters and money laundering investigations.
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