Friday 16 November 2012
On 15 November 2012, Paul Ludden, a former banker who was convicted of money laundering, appeared before Guernsey's Royal Court, for the purposes of assessing the proceeds of his crime.
Since Ludden's conviction the Financial Investigation Unit (FIU) of the Guernsey Border Agency has conducted a detailed financial investigation to establish by how much Ludden had benefited from his criminal conduct and to determine the value of assets available for confiscation. The benefit from his criminal conduct was determined to be £1,474,943.60 and assets totalling £551,074.42 were ordered to be confiscated.
The hearing follows Ludden's appearance before the same court on Friday 6 July 2012 where he was sentenced to five years imprisonment for the money laundering. The case was heard during a week-long trial at the end of which Ludden entered a guilty plea to money laundering having also been charged with a further 11 counts of theft.
The FIU's investigation identified that Ludden had benefited by £1,474,943.60 from his criminal conduct and realisable assets from his criminal conduct was agreed to be £551,074.42. The Royal Court ordered a Confiscation Order for this amount to be paid within six months.
Rob Prow, Chief Officer of the Guernsey Border Agency said:
"It is of great importance that this Bailiwick works hard to remove the proceeds of crime from those convicted of serious offences. This is particularly important for offences involving money laundering and sends out a powerful message. This is the largest criminal benefit and confiscation figure relating to local crime to date and I would thank and congratulate all the professional and dedicated investigators within the Financial Investigation Unit for their diligent work".
For further information please contact Rob Prow, Chief of the Guernsey Border Agency on telephone number 01481 741400