Sanitised case 19
An example of criminals hiding the Proceeds of Crime by multiple transfers through multiple jurisdictions and not using investment products as stated or as products are marketed.
The financial institution in Jersey received £200,000 into an account and this was immediately paid into an investment bond. The funds remained in the bond for several years untouched. This investment bond was marketed by the financial institution as an investment product which could be accessed by the client whenever they wished. This service was never used by the client.
These funds were initially paid into an account in Prague then transferred to an account in Dusseldorf and from there the funds were transferred to the account in Jersey and onwards into the investment bond.
These funds were of interest to the law enforcement authorities of an overseas jurisdiction. The funds were the proceeds of a forged an insurance claim. X had murdered an elderly male and forged the details on the insurance documents. X is currently in prison convicted of murder and the funds are now subject of confiscation by the overseas jurisdiction.
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