Misuse of banking system (Use of Children’s Accounts)

The individuals involved opened bank accounts in the names of their infant grandchildren. These accounts were then used to move in excess of US$183,000 in cash deposits. These funds were used to purchase luxury motor vehicles and property for the individuals in question.

When law enforcement officers investigated the case further, they uncovered a money laundering operation and large-scale cocaine importation. The resulting law enforcement investigation has led to the confiscation of approximately US$15,000,000 in cash and a further US$3,634,000 in other assets.

Indicators:

• Children’s account used to facilitate the purchase of high-value assets (motor vehicles, property)
• Large cash deposits into accounts
• Operation of account inconsistent with its intended purpose