TWO MEN JAILED FOR 16 YEARS FOR MONEY LAUNDERING OFFENCES

7 Dec 2001 05:15 PM

Two men have been jailed for 16 years for money laundering offences following a long Customs Investigation.

Phillip Lyons, 32 years, of Cadoxton Avenue, London N15 was sentenced to 7 years imprisonment and Abraham Israel, 55 years, of Chartley Avenue, Stanmore, Middlesex was sentenced to 9 years

On 19th November at Southwark Crown Court, Lyons pleaded guilty to conspiracy to launder the proceeds of drugs trafficking. Israel pleaded guilty on Friday 7th December to conspiracy.

Lyons had set up a front company called Continental Business Limited and laundered #6 million, which was the proceeds of, drugs smuggling. He arranged its conversion into US dollars, which was then smuggled from the UK to Columbia via Europe. In February 2001, a Croatian courier was detained in Bogota attempting to smuggle US$900,000 into the country. Lyons provided the funds and Israel supplied a minder for the courier. Lyons was arrested at home where over #100,000 street cash was recovered and found to be contaminated with cocaine, heroin and ecstasy. Israel was arrested at the premises of Continental Business after the delivery of US$ 0.75 million, which was seized by Customs. This is an investigation into the proceeds of crime and drugs. It is not an investigation into terrorist funds.

Issued by Communications Division, New Kings Beam House, London.

HM Customs & Excise www.hmce.gov.uk