A Louth businessman who admitted money-laundering the proceeds of crime was sentenced to five years in jail at Trim Circuit Court today.
Judge Raymond Groarke said money-launders made criminal activity worthwhile for criminals and without it they were deprived of access to the fruits of their labour.
Smugglers were the main sources of the money that was laundered through the bureau de change and private bank operated by Kieran Byrne (34) of Annaskeagh, Mountpleasant, Dundalk, the court heard.
Byrne pleaded guilty to five offences, including two of money laundering; all of which took place between September 1998 and January 2000 at the roadside bureau de change at Dromad, Dundalk, which he ran.
The judge accepted the evidence of Garda Chief Supt Felix McKenna of the Criminal Assets Bureau detailing how Dublin criminals gangs would send couriers with bags of money to be changed at the bureau, took place on no more than three occasions.
Byrne was asked for by name by the courier and given the bags of up to £100,000 which he changed into sterling. The judge also accepted Byrne did not know the identity of the persons he was dealing with. However, the scale of the private banking operation was more substantial.
In the first six months of 1999 it had a turnover of £24.9 million sterling and £8.7 million compared to the bureau de change turnover of £9.4 million sterling, the judge said.
A number of mitigating factors, outlined by Mr Patrick MacEntee SC, defending, were taken in to account including Byrne making a tax settlement of €2.86 million (£2.25 million) and that he was unlikely to recoup €2.54 million (£2million) in loans that were outstanding gardaí closed the business.
Judge Groarke imposed one-year terms for the two offences of running the bureau de change without proper authorisation, three years for the offence of failing to establish the identity of customers trading in foreign exchange and five years for the two offences of money laundering the proceeds of another person’s criminal activity.
He suspended the final year of five-year term as Byrne gave an undertaking never to engage in any form of banking or financial business in this jurisdiction.