Desmond Rea resigned as a non-executive director of Ivy Wood Properties, a wholly-owned subsidiary of Harcourt Developments.
Former Sinn Féin vice president Phil Flynn resigned from the board of Harcourt and other leading positions after being questioned by gardaí about the alleged money laundering scam.
Mr Rea joined the board of Ivy Wood last September. It owns former Harland and Wolff shipyard land, now being developed, known as the Titanic Quarter.
He said to the best of his knowledge he had never met Mr Flynn.
Mr Rea said in a statement: "As soon as I had the first indication there was any link however tenuous and speculative between my position as a non-executive director of Ivy Wood Properties and the widespread coverage around the ongoing policing operations in the Irish Republic, I decided it would be appropriate for me to stand down from the Ivy Wood Properties board."
The decision to resign was "unfortunate and regrettable" and all those involved in the Titanic Quarter and Harcourt regretted his decision, Mike Smith, chief executive of Titanic Quarter said.