20240909 - Land seized in Clare after investigation into organised criminal gang

Written by a www.MoneyLaundering.ie Guest Contributor
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​Land seized in Clare after investigation into organised criminal gang - Agriland.ie

1.  Summary

• The Criminal Assets Bureau (CAB) seized a house, 20-stable livery yard, and 18.35 acres of land in Clare as part of an investigation into an organized criminal gang in the Munster region.
• The assets were linked to a suspect whose criminal activities funded the property purchase.
• Court orders under the Proceeds of Crime Act were issued in 2016 and later in 2024.
• Evidence revealed €223,500 in criminal funds was used to buy the property in 2012.
• A money laundering scheme involving Irish and Spanish bank accounts was dismantled during the investigation.

2.  What’s interesting

• The most notable aspect of this case for AML professionals is the effective use of the Proceeds of Crime Act and the Criminal Assets Bureau’s approach to tracing criminal funds used to purchase property.
• The investigation revealed a complex money laundering scheme involving cross-border transactions through Irish and Spanish bank accounts.
• This demonstrates the importance of monitoring property acquisitions and bank account movements, as well as the effectiveness of leveraging legal frameworks to disrupt organized crime operations and recover assets

Source:
​https://www.agriland.ie/farming-news/land-seized-in-clare-after-investigation-into-organised-criminal-gang/