A Louth businessman who admitted money-laundering the proceeds of crime was jailed for five years, one of them suspended, at Trim Circuit Court yesterday.
Judge Raymond Groarke said money-launderers 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 was told.
He pleaded guilty to five offences, including two of money laundering. All took place between September 1998 and January 2000 at the roadside bureau de change at Dromad, Dundalk, which Byrne ran.
The judge accepted the evidence of Garda Chief Supt Felix McKenna, of the Criminal Assets Bureau, that earlier evidence detailing how Dublin criminal 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.
Byrne was motivated by greed, was willing to do business with anybody and everybody for profit and pursued his position as facilitator, the judge said.
A number of mitigating factors, outlined by Mr Patrick MacEntee SC, defending, were taken into account, including Byrne making a tax settlement of £2.25 million and that he was unlikely to recoup £2 million in loans that were outstanding when gardaí closed the business.
Judge Groarke said he found "simplistic" the explanation from Mr MacEntee that smuggling was endemic in the Border region.
He suspended the final year of the five-year term as Byrne gave an undertaking never to engage in any form of banking or financial business in this jurisdiction.