Search site

main
GFIU Header Image 1

MEDIA RELEASE: Money Launderer Convicted

On 23 November 2010, the Royal Court, Guernsey convicted a local finance professional, Roger Taylor, of nine counts of money laundering.

Taylor was found guilty of laundering on behalf of another criminal the proceeds of a "Ponzi" fraud scheme which had defrauded a large number of UK investors of their savings.

"Ponzi" schemes are used by criminals to dupe innocent people into investing in stocks and shares, the performance of which is significantly overstated promising returns of up to 60% per annum. The scheme needs a constant influx of new investors to fund dividend payments to the unsuspecting shareholders who do not realise that their original and ongoing payments are being diverted to the fraudsters' account.
Mark de Garis, Assistant Chief Officer and Head of Cross Border Crime said "this was an extremely complex investigation involving a professional money launderer operating from Guernsey. Mr Taylor's conviction sends out a clear message that the Bailiwick's Financial Investigation Units will proactively pursue individuals who seek to abuse the Bailiwick's financial services to launder the proceeds of crime".

The Chief Officer of the Guernsey Border Agency who is also the current Chair of the Bailiwick Anti Money Laundering (AML) and Countering the Financing of Terrorism (CFT) Advisory Committee also said "Guernsey is rightly recognised as extremely well regulated and highly respected finance centre. However, this case demonstrates the determination and professionalism of the Financial Investigation Unit, working in collaboration with the Police, to investigate complex criminal money laundering cases and to put offenders before the Royal Court, when any evidence of AML/CFT activity does raise its head within this jurisdiction".

The Guernsey Border Agency would like to acknowledge the assistance provided by colleagues in the Police and St James' Chambers which was vitally important to the success of this case.