Bank of Ireland Execs Back Out of Testifying in OneCoin Scam Hearings

Bank of Ireland (BOI) executives have backed out of the testimony before the United States Government in the criminal proceedings regarding a $400 million worth money laundering scheme through cryptocurrency scam OneCoin.

No testimony on voluntary basis

As fintech-focused news outlet FinanceFeed reported on Oct. 11, the U.S. Government filed a Letter with the Court on Oct. 10, in which it clarified that over the past week it had tried to get voluntary witness testimony in Ireland. However, the witnesses changed their stance toward the prospect of testifying and would now testify only in response to compulsory process under the U.S.-Ireland Mutual Legal Assistance Treaty (MLAT).

The four witnesses at BOI who were to join a trial in the case against the accused in custody, Mark Scott, were head of BOI’s Anti-Money Laundering team Diane Sands, BOI foreign direct investment team member Deirdre Ceannt, former executive VP and relationship director Derek Collins, and Greg Begley.

Since…