Over $400,000 has been forfeited to the State after the Financial Investigations Bureau succeeded with a court application.

The money was seized in 2019 from a 43-year-old chartered accountant who came under scrutiny after attempting to convert cotton notes to polymer at the Central Bank.

He had been told to return to the Bank with documentation and to prove his source of funds, but returned without the documents and indicated that the money was from casino winnings and savings.

Following investigations, it was discovered that the accountant had two registered businesses and did not pay taxes for the business nor himself.

The court found that the cash more likely than not, derived from money laundering and tax evasion and the court ordered that the money be deposited into the Seized Assets Fund.