Latest news with #CriminalJustice(MoneyLaunderingandTerroristFinancing)Act2010
Sunday World
5 days ago
- Sunday World
Money launderer with connections to crime boss Barry Young has jail term halved
Brian Cummins (27) from Galway originally pleaded guilty on the date his trial was due to get underway to money laundering. A 27-year-old Galway man with connections to "Scourge of Sligo" crime boss Barry Young has had his five-year prison sentence for money-laundering halved after appeal. At the Court of Appeal today, Mr Justice Michael MacGrath said that the sentence of seven years in prison with the final two years suspended was disproportionate, as he resentenced Brian Cummins to two and a half years. Cummins, of Balgaddy Road, Tuam, Co Galway pleaded guilty on the date his trial was due to get underway to money laundering contrary to S7(1)(b) and 7(3) (b) of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010. The sentencing court heard that during the course of an investigation into organised crime, gardaí arrested Barry Young in December 2019. His phone was seized and analysed and the material found on it showed Young as the leader of an Organised Crime Gang (OCG) consisting of at least 20 members. Barry Young News in 90 Seconds - Monday July 14th The mobile phone was found to contain a contact known as 'Tuam' and further enquiries revealed that 'Tuam' was the appellant, Brian Cummins. WhatsApp messages between the pair brought to light information about a house that had been the subject of criminal damage in October 2019. They also revealed that a sum of €1,000 was transferred using an Electronic Funds Transfer (EFT) from Cummins to another named man, believed to be an associate of Young, in November 2019. Gardaí believed the transfer was linked to the criminal damage at the house. Cummins was sentenced to seven years in prison with the final two years suspended by Judge Brian O'Callaghan at Galway Circuit Court on July 19, 2024. At the Court of Appeal in June, Philip Sheahan SC, for Cummins, argued the judge had erred by imposing a sentence that was 'disproportionate' in all circumstances. He referenced a number of comparator cases where the amount of money involved was much higher, yet the headline sentence had been lower than in this case. He submitted the amount of money involved in the money laundering charge did not exceed €1,000 and would not therefore have been out of place had it been dealt with in the District Court, where the maximum sentence is 12 months. In delivering judgement today, Mr Justice MacGrath said the sentencing judge had erred in principle by setting the headline sentence at seven years, which had a knock-on effect on the sentence ultimately imposed. He said that seven years with two suspended was disproportionate, meaning the court had to quash this sentence and resentence the appellant. Mr Justice MacGrath said that the appellant's culpability was high, as he knew what he was doing, nevertheless the role he played had to be measured against the amount involved, which was €1,000. He set a headline sentence of four years and, after taking into account the fact that the appellant had entered a guilty plea, his age at the time, and his history of drug dependency, the judge reduced this to three years, with the final six months suspended. In July 2023 father-of-two Young, with a previous address at Geldof Drive, Cranmore, Co Sligo, pleaded guilty at the Special Criminal Court that he, between October 4, 2019 and January 15, 2022, both dates inclusive, directed the activities of a criminal organisation. Young, who had 81 previous convictions at the time of his arrest, was jailed for 11 years after being described by the sentencing judge as a "scourge on the people of Sligo for a number of years".
RTÉ News
02-07-2025
- Business
- RTÉ News
Central Bank fines Co Donegal credit union for anti-money laundering breaches
The Central Bank has fined a Co Donegal credit union a total of €36,273 for breaching anti-money laundering requirements as well as the Credit Union Act of 1997. The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 requires firms to put in place safeguards against the risk of money laundering and the 1997 Act requires credit unions to develop and implement risk management systems to monitor and manage risks. The Central Bank said its investigation found that Swilly Mulroy Credit Union operated a practice of soliciting and accepting cash from depositors who did not hold accounts with the Credit Union. This money would then be electronically transferred to a branch of a local bank, without first being deposited in an account in the customer's name at Swilly Mulroy. The Central Bank said that as a result, Swilly Mulroy failed to conduct the necessary anti-money laundering checks on the depositors and the transactions. The probe found that Swilly Mulroy operated in this way between 2 January 2014 and 30 June 2021, during which time it processed €8,751,694 in deposits from 2,329 cash lodgements. The Central Bank said the Board of Swilly Mulroy was aware of the risks associated with the practice from 2015 but failed to act on its risk management obligations under the 1997 Act. A new management team ceased the practice in 2021 and subsequently brought it to the attention of the Board. But the issue was not brought to the Central Bank's attention and was discovered in 2022 during an inspection by the bank's Anti-Money Laundering Division. Swilly Mulroy has admitted the breaches. As part of the settlement dealt, the Central Bank said it had determined that sanctions comprising a reprimand and monetary penalty in the amount of €51,819 were both warranted and proportionate to the size of the firm. The application of a 30% settlement scheme brings the amount to €36,273. The sanctions have been accepted by Swilly Mulroy and are subject to confirmation by the High Court. They will not take effect unless confirmed. This is the Central Bank's 160th enforcement outcome to date, and brings the total fines imposed by it to over €407m. Colm Kincaid, the Central Bank's Director of Enforcement, said that anti-money laundering and counter terrorist financing legislation is designed to prevent the financial system being used to launder the proceeds of crime or fund terrorist activities. "One of its key safeguards is that regulated financial service providers have controls in place to identify their customers and detect potential money laundering or terrorist financing." he said. "Where firms allow gaps in their control framework, they create opportunities for criminals and terrorists to use our financial system to pursue their illegal activities. It is also important that, when firms identify that such control gaps exist, they must report it to the Central Bank, so that appropriate actions can be taken to manage and mitigate the risk," he added. He said today's action demonstrates the Central Bank's continued focus on firms' compliance with their legal obligations to safeguard the integrity of the country's financial system.
Irish Examiner
02-07-2025
- Business
- Irish Examiner
Central Bank fines credit union for breaches of anti-money laundering requirements
The Central Bank of Ireland has fined Donegal-based Swilly Mulroy Credit Union just over €36,000 for breaches of anti-money laundering requirements over a seven-year period. Under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, firms are required to put in place safeguards against the risk of money laundering. The Credit Union Act 1997 also requires credit unions to develop and implement risk-management systems to monitor and manage risks. An investigation by the Central Bank found Swilly Mulroy operated a practice of soliciting and accepting cash from depositors who did not hold accounts with the credit union. The bank said this money would then be electronically transferred to a branch of a local bank without first being deposited in an account in the customer's name at Swilly Mulroy. This means the credit union failed to conduct the necessary anti-money-laundering checks on the depositors and the transactions. 'This specific cash-intensive practice had been flagged to the credit union sector as presenting a heightened money-laundering risk,' the Central Bank said. The investigation found Swilly Mulroy operated this practice between January 2, 2014, and June 30, 2021, during which time it processed €8,751,694 in deposits from 2,329 cash lodgements. 'The board of Swilly Mulroy was aware of the risks associated with the practice from 2015 but failed to act on its risk management obligations under the 1997 act. A new management team ceased the practice in 2021 and subsequently brought it to the attention of the board,' the Central Bank said. While the practice ceased in 2021, the issue was not brought to the attention of the Central Bank and was instead discovered in 2022 during an inspection by the bank's anti-money-laundering division. The Central Bank commenced this enforcement investigation in 2023. 'The investigation yielded multiple examples of cash lodgements, which in the usual course should have triggered additional and careful scrutiny, but instead were processed without any anti-money-laundering checks,' the Central Bank said. The credit union admitted to the prescribed contraventions and agreed to the undisputed facts as set out in the attached settlement notice. As part of the settlement, Swilly Mulroy Credit Union received a reprimand and monetary penalty in the amount of €51,819, proportionate to the size of the firm. However, a discount of 30% on the fine was applied as a result of the credit union agreeing to the settlement, bringing the final fine to €36,273. The sanctions are subject to confirmation by the High Court and will not take effect unless confirmed. Central Bank director of enforcement Colm Kincaid said anti-money-laundering and counter terrorist financing legislation was 'designed to prevent the financial system being used to launder the proceeds of crime or fund terrorist activities'. 'One of its key safeguards is that regulated financial service providers have controls in place to identify their customers and detect potential money laundering or terrorist financing.' This is the Central Bank's 160th enforcement outcome to date, bringing the total fines imposed by the Central Bank to more than €407m. Read More Two people allegedly involved in surveillance of 'spy' case man are named in court case
Irish Independent
24-06-2025
- Business
- Irish Independent
Sligo crime boss Barry Young said he could send two ‘Russian lads' to Tuam to help collect debt, court hears
Sligo Champion Today at 07:24 A 27-year-old man from Galway, who had connections to Sligo crime boss Barry Young and sought his help collecting 'old bills' is appealing the severity of his five-year sentence for money-laundering, arguing the term imposed was 'disproportionate'. Brian Cummins, Balgaddy Road, Tuam, Co Galway pleaded guilty on the date his trial was due to get underway to money laundering contrary to S7(1)(b) and 7(3) (b) of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010.
