€18m assets frozen in IRA money laundering probe

THE Assets Recovery Agency investigating IRA money laundering yesterday froze assets worth £11.8 million (€17.9m) in Manchester, but representatives of the men involved said they were optimistic of successfully fighting the decision in the courts.

The Assets Recovery Agency (ARA), based on the Irish Criminal Assets Bureau (CAB), which is due to merge with another agency, served property freezing orders on two businessmen, Paul Dermot Craven and Brian Pepper.

The orders are the latest phase of the agency’s investigation which saw 15 properties in Manchester worth around £1.2m (€1.8m) frozen last November and December.