CAB has its most successful year as it freezes €30m in assets

The Criminal Assets Bureau (CAB) had its most successful year in 2002, seizing more assets than it had done in the previous five years.

Exact figures for the year will not be available for several months, but the head of CAB, Chief Supt Felix McKenna, told The Irish Times yesterday the agency froze assets worth well in excess of €30 million in 2002.

In the period between CAB's statutory inception in October 1996 and December 31st 2001, CAB froze just over €25 million in assets by way of interim and final restraint orders.

Last year's figures underline the continued success of the agency which employs fewer than 60 staff and costs less than €3.5 million to run every year.

As well as the assets seized last year, CAB also collected €10 million in taxes. Up until the end of last year, CAB demanded taxes and interest from individuals in excess of €56 million. While €10 million in taxes was collected last year, the value of last year's demands for taxes and interest is not yet known.

When CAB wants to freeze assets which it believes to be the proceeds of crime, it must first apply to the High Court for an interim order, allowing assets to be frozen for 21 days.

Before the three-week period expires, CAB must apply to the High Court for an interlocutory or final restraint order. If granted an interlocutory order allows for assets to be frozen for a maximum seven years. At the end of that period, CAB must seek court approval to fully dispose of assets.

CAB enjoyed two major successes last year following co-operation between it and the authorities in the UK and US. Last November, an order freezing €22 million in assets was continued by the High Court against an Irish businessman, who is charged with one of the biggest VAT frauds in UK history, and two of his companies.

Mr Dylan Creaven (29), with an address in London and Shannon, Co Clare,was remanded in custody by a UK court in November on charges alleging he defrauded the UK exchequer of €250 million in a single calendar year.

Mr Creaven is accused of conspiring in VAT fraud with others to deny the UK exchequer of at least €250 million and is also accused of money laundering. The allegations involve a scheme known as "carousel" fraud which allegedly involves goods being sold numerous times between Ireland and England, with VAT refunds being sought in the UK every time the goods are sold by a UK-based firm to an Irish firm.

CAB was also involved with the US authorities in smashing a multimillion dollar international operation based in the US involving a complex network of securities fraud and money laundering which had operated since 1998. US citizen Terry L. Dowdell pleaded guilty to 20 felony charges in the US in December. A number of financial institutions, including the Bank of Ireland and AIB, were unwittingly involved in the fraud, and CAB seized €7 million invested in various ways in the Republic.

The values of other seizures are not yet known but when details emerge later in the year it is expected that the total value of assets seized by CAB in 2002 will be well in excess of €30 million.

CAB has already been very active in 2003. Earlier this month it seized an apartment and retail block in Smithfield in Dublin city centre worth around €4 million in respect of an unpaid Revenue bill. And last week it delivered a tax demand to the former director of operations of the "Real IRA". Liam Campbell has been ordered to pay a €820,000 tax bill by CAB. Campbell is currently serving a five-year sentence in Portlaoise Prison for membership of an illegal organisation.