Money laundering offences news 30/03/2009 Man guilty of laundering Northern Bank robbery proceeds

Irish financial advisor Ted Cunningham was found guilty last week of money laundering offences relating to more than £3million of the £26.5million stolen from the Northern Bank in 2004.

The trial began on the 14th January 2009, heard evidence from 77 witnesses, and took Judge Con Murphy 11 hours to sum up. The jury took six hours to deliver their verdict, taking seriously the judges instruction that they should be absolutely certain that Cunningham had possessed or used money that he had known or believed to be the proceeds of crime, and found him guilty on ten charges.

The police had found £2.4million in holdalls and a plastic bag in a locked cupboard in Cunninghams basement. Markings on the notes showed that it was from the Northern Bank robbery, and - while in custody - Cunningham admitted breaches of money laundering law. He later claimed he made this admission in fear of the police threatening to leak a story that he had named IRA members, which he feared would lead to his murder. The gardai have accepted his denial of IRA membership.

He will be sentenced on the 24th April, alongside his son who pleaded guilty to money laundering offences at the start of the trial.

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