The High Court has ruled €875,000 held in bank accounts controlled by a man whom the Criminal Assets Bureau (Cab) claim is involved in money laundering are the proceeds of crime. Ms Justice Carmel Stewart said she was satisfied the monies in the accounts, held at different Irish based financial institutions, are the proceeds of crime. Cab officers said approximately €1.5million was lodged, via several six figure sums, to the Irish accounts. Some of the monies were dissipated from the accounts and, when the freezing orders were obtained, some €875,000 remained in the accounts. In all the circumstances, she was satisfied to make an order under Section 3 of the 1996 Proceeds of Crime Act declaring the monies are proceeds of crime.

Source: The Irish Times January 23, 2018 15:22 UTC