UK government freezes assets of New IRA and Northern Ireland man

The UK treasury has announced the freezing of assets associated with the New IRA and a Northern Ireland man it believes to be involved in terrorist activity.

The UK government said the new designations send “a clear signal” that the UK works proactively to “stop terrorist financing” and will take action against those who try to exploit the UK’s financial system for such activity.

The sanctions against the New IRA were announced for “being responsible for, engaging in and providing support for” the commission, preparation and instigation of acts of terrorism.

Other reasons included “facilitating, promoting and encouraging” terrorism as well as carrying out recruitment activities for a person involved in terrorism.

On Thursday, the Treasury also listed sanctions against Kieran James Gallagher, aged 48, with an address in Derry.

On the financial sanctions list, it said it had reasonable grounds to suspect that Mr Gallagher is an “involved person” under counter-terrorism regulation on the basis that he has been, and is, involved in terrorist activity on the basis that he has “been involved in terrorist activity by providing financial services, or making available funds or economic resources, for the purposes of terrorism” and by “facilitating terrorism”.

Economic Secretary to the Treasury, Lucy Rigby MP KC said: “This action is the second use of the Treasury-led domestic counter-terrorism regime to target Northern Ireland-related terrorism.

“These designations reflect this government’s continued commitment to protecting the peaceful consensus of the people of Northern Ireland, and to upholding the principles of the Good Friday Agreement in support of the UK’s wider efforts to protect national security for all citizens.”

The measures prohibit all those who are required to comply with UK sanctions from dealing with any funds or economic resources owned, held or controlled by Mr Gallagher or by the New IRA.

It also prohibits anyone from making economic resources or financial services available to them or for their benefit without a licence from HM Treasury or an applicable exception.

Breach of any of these prohibitions is also a criminal offence.

Mr Gallagher is also subject to sanctions which prohibit him from acting as a director of a company and from taking part in the promotion, formation or management of a company, either directly or indirectly.

Imposing an asset freeze does not change the ownership of the funds or economic resource nor are they transferred to HM Treasury for safekeeping.