IRA 'tried to buy Bulgarian bank to launder its stolen millions'

[emad]

Times
By David Lister in Belfast

IRISH police believe that the IRA may have been trying to launder the proceeds of its sprawling criminal empire by buying a bank in Bulgaria in conjunction with an Eastern European crime syndicate.

As a further £437,000 of suspected IRA cash was seized in raids across the Irish Republic, it was claimed yesterday that republicans had been cultivating contacts with a Bulgarian gang who hoped to use the Provisionals’ financial clout to help them to buy a large financial institution.

At least one individual behind the IRA’s money-laundering network is believed to have been in contact with the Bulgarians for up to a year, while meetings with the gang took place in Ireland from last November, the Irish Times reported. The contacts are believed to have intensified after the IRA’s theft of £26.5 million from the Northern Bank in Belfast just before Christmas.

Senior IRA figures apparent- ly saw the idea of passing the money through a legitimate financial institution as a perfect way to launder the cash.

http://www.timesonline.co.uk/article/0,,2-1495160,00.html

[Zynx]

1. Lots of real hot cash? Use your own bank!

Great idea, but should have had the bank before pulling off the heist.

[emad]

2. Well, there's always RIGGS bank, prime contender for the No1

spot for terrorism, money laundering, bribery and corruption of public office and related delights.....

[emad]

3. Sinn Fein MPs to lose perks over IRA raid

By Joe Murphy, Evening Standard
22 February 2005

Four Sinn Fein MPs will be stripped of their Commons allowances as punishment for the IRA's £26million bank raid.

The Evening Standard has learned of a crossparty deal to take away £430,000 of taxpayers' money.

The money is claimed each year by Sinn Fein president Gerry Adams, chief negotiator Martin McGuinness, Michelle Gildernew and Pat Doherty.
The move comes amid anger at growing evidence that the IRA carried out the Northern Bank robbery.

http://www.thisislondon.com/news/articles/16783708?source=Evening%20Standard

[yinkaafrica]

4. Sounds like BS. They could open a bank in Turks and Caicos:

Most banks per square foot of any place on the planet.
At least on paper. If you went there you would ask
'where are the buildings?'
All anonymous. Why would you buy a bank in Bulgaria?
That takes money. If the idea is to LAUNDER the money
you have you don't want to expose that money by buying
a bank (of all things)! Take it from a former banker:
this story has got to be utter bull shit.

[emad]

5. Parker Bowles business link

Sunday Times



THE former husband of Camilla Parker Bowles has emerged as a business associate of Phil Flynn, the former Sinn Fein vice-president questioned by police in connection with allegations of IRA money laundering, writes Mark Watts.

Flynn, a 64-year-old banker, is a non-executive director of Chesterton Finance, a company in Cork that is being investigated by police in connection with December’s £26.5m Northern Bank robbery.

Until Friday, when he resigned, Flynn was also one of six directors of Harcourt Developments, a property company. In documents filed at Ireland’s Companies Registration Office Brigadier Andrew Parker Bowles, of Malmesbury, Wiltshire, is also listed as a director of Harcourt Developments.

He declined to comment last night.

http://www.timesonline.co.uk/newspaper/0,,176-1492051,00.html

[emad]

6. Flynn and the Bulgaria connection: Sunday Times

Last month Flynn travelled to Bulgaria with Ted Cunningham, 57, who owns Chesterton. Cunningham was allegedly placed under surveillance by Irish Special Branch six months ago after claims that he had attended a meeting with Bulgarian arms dealers.

Flynn said the trip had been to look at property investments and that it was nothing to do with money laundering.

Although now a highly respected business figure, Flynn has a colourful past. In 1972 he gave written evidence to an IRA “court of inquiry” into a failed arms deal in Czechoslovakia. In handwritten notes, Flynn denied leaking details to the BBC. He also describes his role in driving Joe Cahill, a senior IRA figure involved in setting up the arms deal.

In 1975 he acted as a mediator to secure the release of Tiede Herrema, a Dutch businessman kidnapped by the IRA, and he has since spoken out against the tactic of kidnapping.

http://www.timesonline.co.uk/newspaper/0,,176-1492046_2,00.html