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Guernsey, US Share Recovered Criminal Proceeds

by Jason Gorringe, Lowtax.net, London
12 December, 2017

Guernsey and the US Government will share approximately USD28m recovered in two US criminal cases involving the laundering of money through Guernsey.

The USD14.3m that Guernsey has recovered for the US represents one-half of the net proceeds recovered in Guernsey, while the other half of the confiscated assets will be retained by Guernsey under the US/Guernsey Asset-Sharing Agreement made in 2015.

Guernsey Attorney General Megan Pullum said: "This case illustrates the dedication and persistence of Guernsey law enforcement authorities in working with overseas authorities and in successfully bringing a case to conclusion despite the process taking several years. It is an excellent example of successfully tracing and identifying proceeds of crime across jurisdictions and of repatriating such proceeds. Guernsey has an ongoing and exemplary commitment to international co-operation and mutual legal assistance and we are, therefore, extremely pleased to announce this asset share."

This is the latest example of sharing between Guernsey and the US. Last year the US Department of the Treasury shared more than USD2m with Guernsey in the first use of the permanent sharing agreement between the two jurisdictions.

Most of the funds being transferred from Guernsey - approximately USD14.3m - stem from Guernsey's cooperation in connection with the prosecution of defendant Raymond Bitar and his associates by the US Attorney for the Southern District of New York. In April 2013, Raymond Bitar pleaded guilty to unlawful internet gambling and conspiracy to commit bank fraud and wire fraud.

Because the FBI is the seizing agency in the case, the shared funds will be deposited into the Department of Justice Assets Forfeiture Fund.


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