Raids flush out hidden IRA wealth

Anti-racketeering agencies carried out numerous raids in Manchester last week to break up what they believe is a multi-million-dollar IRA financial operation involving 250 properties.

An IRA "property portfolio" worth £30 million ($76 million) in domestic and business properties is under investigation by the Assets Recovery Agency.

The agency said £9 million ($23 million) in equity was involved.

The IRA operation is said to be under the control of the IRA's reputed chief-of-staff, Thomas "Slab" Murphy, the quiet south Armagh farmer who is regarded as the organisation's financial mastermind.

The agency, which has the task of recovering the proceeds of crime and terrorism, visited the £2 million ($5 million) home of Manchester businessman Dermot Craven. Its officers seized large numbers of documents.

The large-scale operation poses substantial difficulties in the Irish peace process. Evidence of such hidden IRA wealth will almost inevitably make the unionist hard-liner Ian Paisley more reluctant to enter government with Sinn Fein.

- INDEPENDENT