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The tribunal held that cash deposited into complainants'...
Cash routed to non-existent firm deemed proceeds of crime; laundered funds and properties attachable, provisional attachments confirmed; two accounts released.
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The tribunal held that cash deposited into complainants' accounts and routed to a non-existent firm constituted proceeds of crime and, because concealment/projecting tainted money as untainted meets the offence in section 3 of the Money Laundering Act, those funds amounted to laundered proceeds - consequence: the transactions attract confiscatory measures. It found that properties acquired directly or indirectly from such proceeds are within the definition of "proceeds of crime" and may be provisionally attached - consequence: provisional attachments confirmed. On freezing of bank accounts, two accounts that were not subsequently provisionally attached lacked justification for continued freezing and were ordered released. - AT
The tribunal held that cash deposited into complainants' accounts and routed to a non-existent firm constituted proceeds of crime and, because concealment/projecting tainted money as untainted meets the offence in section 3 of the Money Laundering Act, those funds amounted to laundered proceeds - consequence: the transactions attract confiscatory measures. It found that properties acquired directly or indirectly from such proceeds are within the definition of "proceeds of crime" and may be provisionally attached - consequence: provisional attachments confirmed. On freezing of bank accounts, two accounts that were not subsequently provisionally attached lacked justification for continued freezing and were ordered released. - AT
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