Financial advisor denies charges of money laundering some of the proceeds of Northern Bank raid
Prosecution says it will show Ted Cunningham knew or believed £600,000 he dispersed was proceeds of a criminal offence
Ted Cunningham at Cork Circuit Criminal Court yesterday for his trial on money laundering charges. Photograph: Daragh Mac Sweeney/Provision
The trial opened yesterday of a financial adviser charged with money laundering over £600,000 allegedly part of proceeds of a Northern Bank raid when £26.5 million was stolen in Belfast 10 years ago. Timothy Cunningham (65), Woodbine Lodge, Farran, Co Cork, has denied nine counts of money laundering at Cork Circuit Criminal Court.
The state alleges in six of the charges that Mr Cunningham laundered sums of cash in January and February 2005, knowing or believing the cash to be the proceeds of the robbery at the Northern Bank Cash Centre, Donegall Square West in Belfast.
The State alleges in a further three charges that Mr Cunningham laundered sums of cash by using these monies to purchase three cars or vehicles, again knowing or believing the cash to be proceeds of the Northern Bank raid on December 20th, 2004.
Tom O’Connell SC , prosecuting, said the State would produce evidence that Mr Cunningham had “dispersed money in an unconventional or unorthodox way”.