Over EC$1.514 million confiscated by the FIU

With 48 of the 50 forfeiture cases before the Serious Offences Court being successful within the last nine months, the Confiscated Assets Fund stood at EC$1,514,468.33, as at July 29, 2011.{{more}}

In an interview, Director of the Financial Intelligence Unit (FIU), Attorney Grenville Williams, said monies were seized from Vincentians, Barbadians, Grenadians, Guyanese, Bermudans and a few persons from outside the region.

Williams told SEARCHLIGHT that most of the cash forfeited was derived from trading in illicit drugs.

The Confiscated Assets Fund was set up pursuant to the Proceeds of Crime and Money Laundering (Prevention) Act and consists of funds which have been forfeited or confiscated. The use of the Fund is statutorily outlined in the Proceeds of Crime and Money Laundering (Prevention) Act, Section 55 (3).

Giving a breakdown of the numbers, Legal counsel at the FIU LaTeisha Sandy said hearing of these maters commenced in November 2010, with 24 applications being heard and 23 of them being successful. During that period, those hearings resulted in the forfeiture of $300,313. 59 at the end of 2010.

This year, another 26 matters were heard and of that figure, 25 of those forfeiture matters were successful.

Approximately 60 forfeiture application hearings are set for hearing at the Serious Offences Court.