A convicted money launderer has been ordered to pay back more than £700,000 after his attempt to have the debt written off was rejected by the Court of Appeal today (27 Mar).
Terry Adams admitted money laundering in 2007 and was ordered to pay back £750,000. He has since paid £391,437.11, leaving £358,562.89 outstanding from the original order. The total owed, including interest, is currently more than £700,000.
A Crown Court judge refused to write down the debt in 2014 after Adams claimed that he was unable to afford to pay any more. Adams sought to appeal but the Court of Appeal has rejected his claim that his available assets are worth less than the outstanding amount.
Nick Price, from the CPS, said:
“Criminals will go to great lengths in an attempt to preserve the proceeds of their crimes and Terry Adams is no exception. We have presented our case carefully and thoroughly, and I am pleased that the Court of Appeal has agreed that he is able to pay off this debt.
“Attempting to hide assets and claim poverty is not a new tactic. The CPS are used to dealing with such claims and will deal with them robustly. Depriving criminals of their wealth disrupts organised crime and the CPS works closely will investigators to ensure that we can take back assets from those who look to benefit from crime.”
· Terry Adams pleaded guilty to money laundering in 2007 and a confiscation order was made against him, agreed at £750,000, with a default jail term of 4 years should he fail to pay or make efforts to do so.
· Since the confiscation order came into force £391,437.11 has been paid.
· A total balance of more than £700,000 remains outstanding. This is subject to interest of 8% p.a. which is accrued daily.
· Nick Price is the Head of CPS Proceeds of Crime (CPSPOC).