Crackdown on loyalist racketeering in North

A COLLECTION of art and a €180,000 luxury yacht have been examined as part of a new crackdown on multi-million euro racketeering in the North.

The paintings and boat are believed to have been owned by loyalist terrorists and criminals suspected of involvement in drug-dealing and money laundering.

It is believed the yacht, worth more than €180,000, was once moored in Co Antrim but has since been sold on. Investigators from the Assets Recovery Agency were alerted to the 20ft cruiser during an ongoing probe into 19 cases worth a total of €12 million.

Dossiers have been prepared in a bid to either take control of the suspects’ illegal wealth or else slap huge tax bills on them within weeks.

The agency’s Northern Ireland chief Alan McQuillan has scrutinised bank accounts and property across Europe as he prepares to go to the courts within weeks.

Mr McQuillan has just frozen more than €¾ million during two operations against alleged cross-Border fuel smuggling and drug trafficking linked to loyalist terrorists in east Belfast.

But amid growing demands for action to stop the top paramilitaries and crime gangs flaunting the illegal wealth, Mr McQuillan disclosed what his targets are spending their cash on.

He said: “One of our clients has a collection of fine art and another one had a €180,000 yacht.

“One of the items we froze last week was a €10,000 home cinema TV system.

“There is also huge expenditure on holidays, with three or four cruises and Caribbean trips a year.

“That shows the level of expenditure we are dealing with.”

More than half of all cases taken on by the agency since it started involve loyalist and republican terrorists. Another 25% relate to organised criminals with links to the paramilitaries.

Most of the action against republicans involves big smuggling operations, while loyalist criminality is more widespread but on a smaller scale.

The average case value is in the region of €375,000 to €450,000.

Although Mr McQuillan and his team’s performance has come under intense scrutiny, he insisted he would comfortably meet his targets.

So far nearly €5m has been seized in six cases where court injunctions or tax bills have been secured.

The granting of the orders is a first step to protect assets while the agency completes its investigations and formally applies to the court for Recovery Orders.

If such orders are granted, then all or part of the frozen assets will be forfeited. The cases include more than €2.25m worth of cash and property belonging to murdered loyalist paramilitary boss Jim Johnston.

Mr McQuillan joined with authorities in Dublin to crack down on a criminal network allegedly involved in cross-Border fuel smuggling.

The ARA and the Criminal Assets Bureau mounted a joint operation to track down and freeze €400,000 belonging to a South Armagh man allegedly involved in huge fraud.