THE CRIMINAL ASSETS Bureau (CAB) has seized assets and money totalling €17.052m and sold 20 properties taken from criminals last year. 

The details are contained in an annual report which is due to be presented to Cabinet today by Justice Minister Jim O’Callaghan and outlines the work CAB has performed in the last year. 

The report outlines the breakdown of the asset seizures and how it was paid to the State.

CAB took just over €3.1 million under the Proceeds of Crime legislation, €13.3 million in Revenue tax recoveries and just over €0.5 million in Social Welfare recoveries.

The Bureau also sold 20 forfeited properties in 2024, the highest number sold in any one year with one property selling for more than €900,000; the highest sale price achieved by the Bureau. Total property sale value €4.953million.

The reports outlines that CAB’s work was particularly focused on criminals involved in drug trafficking, fraud, theft, burglary, money laundering, prostitution and human trafficking.

The Bureau said it monitors and targets emerging trends such as the use of the motor trade to conceal criminal assets as well as the use of cryptocurrency for asset transfer and international fraud.

A particular focus of the Bureau’s activities centres upon rural crime and a number of the Bureau’s actions were in support of law enforcement in Regional locations.

It also reveals that the Bureau continues high level discussions with foreign equivalent agencies and also with law enforcement including in the US, South America and across Europe.

One interesting meeting that it had was with a Hong Kong delegation which visited the Garda National Economic Crime Bureau. Nine officers from the Hong Kong Commercial Crime Bureau on the 22nd February 2024. Senior Bureau Officers made a presentation to the delegation from the Chinese Government administered region.

In recent years sightings have been made of Christy Kinahan Senior in Hong Kong and sources have said that there are suspicions that he is involved in property deals in the city.

The report said that CAB continued its engagement with the Cross Border Joint Agency Task Force and with the Police Service of Northern Ireland.

The report also outlines that a lot of its work was facilitated by people from communities affected by crime coming forward with information. There were 408 so-called “good citizens report” received. 

A garda detective and CAB official during a search operation. Garda Press Office Garda Press Office

The Justice Minister will also outline to cabinet that he is in the process of further strengthening legislation as part of the Proceeds of Crime (Amendment) Bill 2024. This legislation is currently at committee stage. CAB will say in its annual report that it welcomes the new laws which include a shorter time to wait before completing proceedings. 

CAB was established in 1996 following the murder of the journalist Veronica Guerin – it was designed to target the money made by criminals who the State were otherwise struggling to prosecute.

The houses and property CAB seize are ultimately sold at auction once proceedings have been completed. 

One of the properties sold last year was the former home of Daniel Kinahan, who was identified as the leader of the Kinahan Organised Crime Group (KOCG). It sold for more than €930,000 and is located at a gated community in Coldwater Lakes, Saggart.

CAB also targeted Ross Browning, a senior KOCG figure who was involved in managing operations in Ireland.

The Bureau seized properties in Dublin and Wexford from David and Christopher Waldron who were identified as being involved in the drugs trade. These properties included Darview Heights near Gorey. It was sold for €522,000.

There were also houses and land sold in Donegal, Cavan, Monaghan, Kildare, Longford, Carlow, Kerry, Tipperary, Clare and in Limerick. There was also an apartment sold for €155,000 in Lanzarote.