Money launderer ordered to pay back hundreds of thousands of pounds

Tue 01st, Aug

A money launderer serving a jail sentence has since been ordered to pay back more than a third of a million pounds of illegal gains following work by the Eastern Region’s economic investigators.

Money launderer ordered to pay back hundreds of thousands of pounds A money launderer serving a jail sentence has since been ordered to pay back more than a third of a million pounds of illegal gains following work by the Eastern Region’s economic investigators. Colum Clancy, 50, of Chiltern Drive, Rickmansworth, pleaded guilty to money laundering offences in December of last year and was handed a 15-month sentence behind bars. During his incarceration officers from the Eastern Region Special Operations Unit (ERSOU) carried out a full financial investigation and uncovered funds in excess of the £306,214 Clancy had first been arrested with. The Economic Crime team discovered a further £200,000 had been laundered through his bank accounts and a property worth €175,000 had been purchased in the Republic of Ireland. On Friday (28 July) at Harrow Crown Court, Clancy was ordered to pay back a total of £376,376.86 of illegitimate funds. Detective Inspector John Tacey, from ERSOU’s Economic Crime Unit, said: “Clancy is found to have benefitted to the tune of more than £500,000 as a result of his money laundering, for which he is currently serving time in prison. “The proceeds from the sale of the house in Ireland and the balances in Clancy’s restrained bank accounts are to be used to pay part of his confiscation order and we will continue to seek any assets he may build up in the future in order to meet the rest. “Though he has been brought to justice for his acts, our team’s work highlights that crime does not pay and anyone found to be profiting from crime will be forced to pay back their ill-gotten gains.”