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Significant Royal Court Confiscation

On 15th 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 benefitted 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 million and assets totalling £551,074.42 were ordered to be confiscated.

The hearing follows LUDDENS appearance before the same court on Friday 6th July 2012 where he was sentenced to 5 years imprisonment for the money laundering. The case was heard during a weeklong trial at the end of which LUDDEN entered a guilty plea to money laundering having also been charged with a further eleven counts of theft.

The FIU's investigation identified that LUDDEN had benefitted 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 GBA 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 FIU for their diligent work"


For further information please contact Rob Prow, Chief of the Guernsey Border Agency on telephone number 01481 741400