Vincentian man nabbed with US$63,650 on boat

The Financial Intelligence Unit (FIU) has seized US$63,650 (EC$169,945.50) cash from a Vincentian man.{{more}}

Greiggs resident, Tex Frederick, 34, is now out on $100,000 bail after appearing at the Serious Offences Court on Thursday, October 14, on two counts of money laundering charges.

One of the charges laid against Frederick states that he had concealed the cash in the vessel, “Blue Sky”.

The charge read that the cash in whole or part, is directly or indirectly proceeds of criminal conduct, contrary to the procedure of the Crime and Money Laundering Act of 2001.

Frederick is also charged with importing US$63,650 into St. Vincent and the Grenadines.

SEARCHLIGHT understands that on October 8, 2010, local Coast Guard personnel, while on patrol in Vincentian waters, stopped the speed boat and carried out a search. During that search, the monies were discovered in the engine of the boat.

The matter was adjourned to February 2011 when a hearing will be held.