CAB actions netted €17 million for State
The annual report of the Criminal Assets Bureau (CAB) shows that it returned €17 million to the State last year.
CAB was established under the Criminal Assets Bureau Act 1996 to fight organised crime and disrupt the activities of criminal gangs.
According to its annual report, it sold a record number of 20 seized properties in 2024 – with one property in west Dublin selling for €931,000.
The total returned to the State included just over €3 million linked to seized assets and almost €13.4 million in tax recovered by Revenue.
Assets frozen
The report shows that CAB conducted 46 search operations during 2024, consisting of 227 individual searches in 13 counties.
It brought 21 new applications before the High Court under the Proceeds of Crime Act 1996, with the majority of the actions again related to the proceeds of drug trafficking.
CAB was granted orders under section 2(1) of the 1996 act to freeze 128 assets valued at €12.6 million during 2024. While the number of assets was lower than in 2023, the value of those assets was higher.
A breakdown showed that almost €11 million were financial assets, while €1.4 million were property assets.
Greater powers welcomed
The High Court also made orders under section 3 of the legislation to freeze 174 assets worth €7 million. Almost €5 million of these were property assets, while €1.8 million were financial assets.
Writing in the report, the head of CAB, Michael Gubbins, said that the bureau had “greatly benefited” from an increase in the number of solicitors and staff from the Criminal Assets Section (CAS) allocated by the Chief State Solicitors Office (CSSO) to its work.
The CAB chief also welcomed the Proceeds of Crime and Related Matters Bill 2025, which will give the body even greater powers to investigate and seize assets linked to serious and organised crime.