TCI shares in forfeited criminal assets
This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government
John Dinkelman, Chargé d’Affaires, of the US Embassy Nassau, presented TCI Governor Peter Beckingham with a cheque for $279,620.32.
The money is a percentage of net assets seized in a securities fraud case conducted by the New York Division of the Federal Bureau of Investigation in the United States.
The primary defendant, “Sammy” Galasso III, pled guilty in this case and was sentenced to a term of 30 months imprisonment.
Turks and Caicos Islands authorities provided valuable law enforcement assistance leading to the successful forfeiture of these monies and collaborated with the U.S. Government to seize these funds.
In his remarks, U.S. Chargé d’Affaires John Dinkelman noted that the presentation of forfeited assets is just one example of cooperative bilateral efforts between law enforcement agencies representing the United States and the Turks and Caicos Islands.
The Chargé thanked the Royal Turks and Caicos Islands Police Force for strong collaborative partnership with the FBI on investigative matters of mutual interest.
I want to thank those who were involved with this case that dates all the way back to 2001. The Turks and Caicos Islands continue to be a great partner to the United States and it is only fitting that these funds be shared to strengthen efforts to both counter money laundering and terrorism finance while supporting law enforcement and rehabilitation efforts.
According to FBI Legal Attache Jeffrey Stanley:
Galasso pled guilty in connection with a post-9-11 scheme to exploit the country’s fears of anthrax attacks for the purpose of manipulating the stock price of a publicly traded company. This is an example of outstanding cooperation between the FBI and the Royal Turks and Caicos Police Force.
It is the policy of the United States to encourage international asset sharing and to recognize all foreign assistance that facilitates U.S. forfeitures so far as consistent with U.S. law. International sharing is governed by federal statutes and is guided by international sharing agreements.