Sunday 30 April 2017

Al-Qa'ida million in Irish banks

Finance Minister Michael Noonan. Photo: Bloomberg
Finance Minister Michael Noonan. Photo: Bloomberg

Gordon Deegan

Finance Minister Michael Noonan has confirmed that entities with ties to terrorist network al-Qa'ida have over $1.2m (€1.1m) frozen in several bank accounts in Ireland.

Mr Noonan made the disclosure in a written Dáil response to Fianna Fáil's Michael McGrath.

He also confirmed there are over $1.6bn (€1.5bn) of funds owned by entities linked to Libya frozen in several Irish-based bank accounts.

He confirmed that there is another €1m in funds frozen in accounts owned by parties with links to Iran, with another $620,951 (€583,000) frozen in bank accounts owned by entities linked to Syria.

There are also accounts frozen containing small amounts belonging to entities that are connected to North Korea and Somalia.

The accounts are frozen through EU restrictive measures made as a result of resolutions of the Security Council of the United Nations through the publication of EU regulations.

Financial institutions in Ireland are required to notify the Central Bank when funds have been frozen or blocked.

Mr Noonan said that the Central Bank has advised him that it cannot reveal how much money is frozen in different financial providers "due to the confidentiality requirements of Section 33AK of the Central Bank Act 1942".

Funds frozen by an EU regulation remain frozen until such time as the individual or entity name subject to the freezing is de-listed by the EU.

Irish Independent

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