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The deceased has since been identified as Brian Williams of a Falmouth Address.
According to reports, Williams was involved in an altercation with a female at around 12 pm along the Lower Parade Street in the parish capital.
During the dispute, Williams was stabbed with a sharp object and was rushed to the Falmouth Public General Hospital where he succumbed to his injuries.
Investigations into the incident by the Falmouth Criminal Investigation Branch revealed that Williams was out on bail on a gun charge.
The police are currently carrying out their investigation to identify the object which was used and the motives behind the stabbing death.