Convicted money launderer Terry Adams pays back confiscation order
A convicted money launderer has paid back the remaining amount of his confiscation order after he was warned he would go back to prison if he failed to pay.
Terry Adams was ordered to pay £750,000 in confiscation after pleading guilty to money laundering in March 2007. He paid only £391,437 of the order and by November 2017 the amount rose with interest to over £1.1m.
In October 2017, Adams applied to North Somerset Magistrates’ Court to stop enforcement of the order which, if successful, would have meant his default prison sentence of 949 days could not be activated.
The CPS opposed this application. In November the court refused the application and the full amount was ordered to be paid.
Terry Adams has now paid back what he owed on the confiscation order together with interest.
Nick Price, of the CPS, said: “The CPS is determined to ensure that crime doesn’t pay and that criminals including Adams cannot avoid paying back what they owe.
“Our prosecutors and caseworkers have worked tirelessly to secure assets from Adams who sought to benefit from his crimes and went to extraordinary lengths to avoid paying.”
Ends
Notes to Editors:
- Nick Price is Head of the Proceeds of Crime team at the CPS.
- A confiscation order is made against a convicted defendant ordering them to pay the amount they have benefitted from their crimes.
- Adams paid the remaining £727,772 earlier this month.
- Terry Adams pleaded guilty to money laundering in 2007 and was sentenced to seven years in prison.
