He is facing six counts of removing criminal property – namely £53,970 in cash – from the island between December 2018 and April 2019.
He was also charged with offering to supply cannabis resin to others on five separate occasions in March and April 2019.
Pictured: Hagin removed more than £50,000.
Hagin also admitted possessing cannabis and £12,690 in criminal cash.
He was granted bail, and has been asked to wear an electronic tag until his sentencing on 4 August 2020.
Hagin will appear before the Superior Number, a panel that only assembles for the most serious of cases.