Ireland: Criminal's dirty money 'cleaned' at Central Bank - PressFrom - United Kingdom
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IrelandCriminal's dirty money 'cleaned' at Central Bank

08:50  15 september  2019
08:50  15 september  2019 Source:   independent.ie

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Bank capture: In this case, money launderers or criminals buy a controlling interest in a bank , preferably in a jurisdiction with weak money laundering controls In Central American countries such as Guatemala and Honduras, money laundering continues to increase in the absence of adequate

Criminals have to get creative to launder money and avoid calling attention to their income. The restaurant can gradually mark up its earnings artificially by ,000 and then deposit that dirty money in the bank without attracting suspicion, or, at the very least, have documentation to back up its earnings.

Criminal's dirty money 'cleaned' at Central Bank © www.collinsphotos.com Jason Boyle. Pic: Collins Courts

A suspected drug trafficker cleaned €5,000 in dirty money through an unwitting Central Bank.

The discovery was made by the Criminal Assets Bureau (CAB), which seized Jason Boyle's house as the proceeds of crime last week.

Officers were astonished at the money that Boyle (38) blew on his former local authority home in Casement Avenue, Finglas, Dublin - from €13,000 bulletproof windows to 44 pairs of expensive runners stacked up in his walk-in wardrobe.

The CAB told the High Court that Boyle is a drug dealer.

Court records reveal that CAB agents found €72,000 wrapped in plastic during a search of a property linked to Boyle. Detectives were told the cash had been stored in a barrel in the back garden and some of the notes had been water-damaged and though Boyle denied the money was his, detectives found his fingerprint on the plastic.

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Criminal's dirty money 'cleaned' at Central Bank © Reuters General view of a Garda car

On examining the cash, gardai found that some of it was in €5,000 bundles made up of €50 notes, but other bundles were uneven.

Detective Garda Anthony Ryan believed that some of the notes were missing, but he also had a suspicion as to what had been done with them.

"As it is human nature not to discard money, I made an enquiry with the Central Bank's mutilated notes section," he said.

The section allows the public to exchange damaged notes for new ones.

Gardai believe Boyle had €4,800 in damaged €50 notes picked out from his illicit stash.

A relative brought the notes to the Central Bank in Dame Street, Dublin, where tellers exchanged them for fresh notes that were lodged straight into the relative's bank account. A further €600 in damaged notes was changed at the relative's local bank.

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It' s a system by which criminal organizations try to " clean " the money they derive from illicit The money is deposited into bank accounts set up for the purpose of laundering. "So, they'll send in a However, although dirty money is often routed through so-called offshore destinations, it ends up in

Douglas Leff, assistant special agent in charge of the FBI' s New York field office, defined money laundering as "moving money to disguise what it is, or where it' s going, or where it' s going to be kept.". It' s a simple way to describe a complex situation, and criminals approach it from multiple angles.

The investigation into Boyle's assets culminated last week with a High Court order allowing the CAB to sell his home, which was bought for €70,000 in 2013 and is now worth €250,000.

Boyle came to attention of the CAB when gardai noticed that he was splashing cash around his native Finglas. The criminal was released from prison in 2011 for two armed robberies of jewellery and designer clothes in London and gardai believe he moved into drug trafficking.

A garda recorded on the Pulse crime database in 2013 that Boyle - who was on the dole and claiming rent allowance - had been observed shopping in Harvey Norman in Swords.

The CAB later established that Boyle had spent €3,546 on that shopping spree, including €2,779 on a 65-inch television which he later hung on the wall of his kitchen extension.

When the CAB raided Boyle's house in Casement Avenue in 2016, it found what it called a "striking property with jacuzzi, sauna and walk-in wardrobe, surround sound in each room, top end electronics, bulletproof windows and CCTV system". The utility bills for the house were paid by money laundered into a bank account.

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Dirty Money is a Netflix original television series which tells stories of corporate corruption. All six episodes of one hour long began streaming on Netflix on January 26, 2018. The show' s executive producers include Oscar-winning documentary filmmaker Alex Gibney.

The more clean money sloshes around, the easier it is to hide the dirty sort. But London has exceptionally enticing attributes. It handles vast cross-border capital flows. It boasts the English language, good schools and, ironically, a respected legal system (which shields tycoons against the

In addition, the CAB found a large collection of clothes, Burke's collection of trainers and dozens of bottles of designer aftershave, from Calvin Klein to Davidoff. The bathroom had his-and-her sinks.

Criminal's dirty money 'cleaned' at Central Bank © Getty A Garda branded lamp and a tricolour outside Garda Headquarters

Detectives calculated that €48,000 had been spent on the house and €13,000 on the bulletproof windows.

The CAB seized and sold Boyle's Audi A7, which was worth €47,000.

It found receipts showing that he spent €17,000 on dental work, including a €10,000 deposit with a city dental practice.

Boyle is also believed to be the beneficial owner of a property in Bulgaria - an apartment in Sunny Beach worth around €25,000.

The CAB suspect bought the apartment from another Finglas criminal for €10,000 in cash and a jeep worth €7,000. The CAB found a note signed by the criminal outlining the sale terms.

After the CAB raid, Boyle tried to sell the house in Casement Avenue, looking for €220,000, and telling an estate agent that anything above that figure would be a bonus. The sale was later withdrawn.

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Criminals ’ interest in property has caused the average prices of homes to rise, especially within London boroughs, which has had a In a bid to stop criminals using illegally-acquired funds to buy houses, the UK government are increasingly going after property assets and are encouraging estate agents to

After all, they say, money launderers—unlike the criminals who hire them—do not leave heaps of Governments have not been blind to such threats. They have required banks to be more rigorous in Bank -secrecy laws also need re-examining. America' s State Department says that bankers who

The CAB has claimed the two properties were beneficially owned by Boyle but were registered in the names of his parents to conceal their son's involvement.

Boyle denied being a drug dealer but the High Court rejected his explanations. The court ruled last January that the house, the apartment in Bulgaria and the €72,000 in cash were the proceeds of crime. Last week's proceedings cleared the way for the CAB to take possession of Boyle's home.

The local authority will be given first refusal on the property.

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