'Crime doesn't pay' - Taoiseach welcomes UAE decision to freeze Kinahan cartel assets

A wanted poster showing $5m rewards for information leading to the arrests and/or convictions of Christopher Kinahan Jnr , Daniel Kinahan and Christopher Vincent Kinahan, or the disruption of their organisation's activities. Picture: Gareth Chaney/ Collins Photos

Taoiseach Micheál Martin has said he welcomes the United Arab Emirates’ decision to freeze assets connected to the Kinahan drug trafficking gang.

“I think it’s very welcome news. Ultimately, crime does not pay and I think what this illustrates is the power of countries working together on the international level,” Mr Martin said.

“I am confident about the capacity of like-minded countries to work together to put pressure on such criminal gangs and to reduce very significantly to activities under the influence.

Last week, the US Department of Treasury's Office of Foreign Assets Control (OFAC) issued a raft of unprecedented sanctions against several key figures of the Kinahan crime organisation.

Rewards of $5m were offered for information which could lead to the disruption of the organisation and the arrests or convictions of Daniel Kinahan, his brother, Christopher Kinahan Jnr, and their father, Christopher 'Christy' Kinahan Snr. 

All three are believed to be based in the UAE. 

OFAC accused the Kinahan gang of trafficking narcotics and firearms into Europe and money laundering. It says that gang has been using Dubai as “a facilitation hub for its illicit activities”.

Sanctions were also imposed on three companies linked to the gang, two of which - Hoopoe Sports and Ducashew General Trading - are based in the UAE.

Now the UAE government has confirmed that it has been investigating the activities of the gang, together with the US, Ireland, the UK, and Spain.

“The relevant authorities co-operate closely on cases involving foreign elements, in line with the UAE’s international commitments and national legal framework for combating illicit activity,” a UAE government official said.

The assets frozen by the gulf state include all personal and corporate bank accounts belonging to members of the gang.

On Wednesday, MTK Global, a boxing and MMA management company founded by Daniel Kinhahan, announced that it was ceasing operations at the end of the month.

Explaining its decision, the company cited "unprecedented levels of unfair scrutiny and criticism" levelled at it since the US announcement of sanctions against the Kinahan gang.

On Tuesday, the firm's CEO, Bob Yalen stepped down citing "personal reasons" and the "intense" pressure put on on the company in recent weeks. 

MTK Global, which had represented several high-profile boxers including WBC heavyweight champion Tyson Fury, Carl Frampton, Michael Conlan and Billy Joe Saunders, continues to insist that it has had no direct involvement with Daniel Kinahan since 2017.