NI assets agency freezes £12m worth of 'IRA property'

The North's Assets Recovery Agency (ARA) has made moves to seize almost £12m (€18.3m) worth of property in Manchester as part of a crackdown on alleged IRA money-laundering.

The 77 properties are registered to two local businessmen who have been at the centre of an ARA investigation for some time.

The High Court has frozen the portfolio after the agency said it was funded by the proceeds of financial crime and used to launder money.

The properties consist mainly of rented flats and houses owned by Manchester-based property companies.

The ARA raided the companies 18 months ago and seized records as part of an investigation that is believed to be targeting alleged IRA leader Thomas 'Slab' Murphy, who lives on the Louth-Armagh border.