The investigation by Garda and RUC detectives into money laundering has led them to a number of foreign countries including the US, it has emerged. Preliminary estimates are that £70 million and at least the same amount in sterling was laundered through a small bureau de change close to the Border.
Seven people remained in Garda custody last night in connection with the investigation. The period of detention for six of these is due for review early today. One woman was released yesterday evening and a man was arrested yesterday morning.
The man being questioned by the RUC was due before a court last night on a money-laundering charge.
A team of 60 gardai are examining documents seized in searches north and south of the border on Tuesday. They included offices of solicitors in Dundalk and Dublin, accountants and a number of boats in Carlingford, Co Louth.
Garda sources confirmed that close to a million pounds was seized and that the currencies used to launder the proceeds of drug trafficking and other illegal activities included pounds, sterling, francs, deutschmarks and US dollars.
A senior garda said the operation was the biggest hit to date against drug dealers in Newry and Dublin - vast sums of money were laundered in false names.