Money laundering officer talks of huge emotional strain caused by 16-month long criminal investigation which was ended today

Michael Still, who works for Investec Bank, had denied a charge of money laundering and an alternative of failing to make a required disclosure as soon as possible while the nominated officer for disclosure at Investec. The amount involved was £223,728.51.

The case had been due for a trial starting today.

Mr Still said after this morning's proceedings that the 16-month investigation and build-up to the trial had naturally led to a huge amount of psychological and emotional strain for him, his family, and colleagues, the likes of which they never experienced before.

'This has been a tremendously difficult period for me and my family,' he said. 'Whilst I had always been absolutely clear of my total innocence in the matter and I had complete confidence that the Guernsey Royal Court would vindicate me.'

Crown Advocate Fiona Russell told the court that following discussion with her colleague who had lead on the matter, Advocate Will Giles, and the HM Procureur, the prosecution had decided that, exceptionally, it was not in the public interest to proceed despite an earlier ruling by the court that the evidential test had been passed.

Judge Russell Finch said, with great deference to the prosecution, he thought the decision to withdraw the matter had been the correct one.