Finance Ministry says SSL fraud investigation is being funded by proceeds of crime, not taxes

The Financial Investigations Division (FID) has sought to clarify that the monies being used to fund the Stocks and Securities Limited (SSL) fraud investigation, are from assets confiscated under the Proceeds of Crime Act, and not taxes.

The statement comes as the Opposition called on the government to say how much its spending on SSL related activities.

In an address this afternoon, Finance Minister Dr. Nigel Clarke said the funds come from the FID’s work in identifying, restraining, forfeiting, and monetizing the proceeds of crime.

In other words, he said they come from the confiscation of ill-gotten gains.

Dr. Clarke noted that the FID has $300 million arising from confiscation of ill-gotten gains held in an interest-bearing account.

The Finance Minister again explained that retention of SSL staff allowed investigators to eventually determine that the scope of fraudulent activities affected 70 accounts, up from the 40 first suspected.

He explained that SSL still has custody of approximately $30 billion in client funds across 8,000 accounts, and this requires that staff remain on hand.

Dr. Clarke stressed that the Financial Services Commission (FSC) is also not being funded by taxpayers.


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