Why no money laundering convictions?
So why has there been no money laundering convictions? First, as the IPOC case shows, it may be misleading to record only money laundering convictions and not consider convictions for other offences and civil forfeiture orders that deal with laundering operations. Second, BVI business companies, while domiciled in the BVI, do not normally operate in or from the BVI and, as criminal jurisdiction is not generally based on the nationality of the suspect but on where the offence was committed, the BVI could not be expected to charge a corporation for ;offences committed abroad. Cayman, by contrast, operate a more banking focused operation, perhaps explaining their money laundering prosecutions. The BVI processes and investigates an average of 30 money laundering cases a year for foreign prosecutions, executing hundreds of warrants, production orders and statutory requests for information. In the past four years the Courts have granted 11 restraint orders to preserve assets for ov
