Gardaí investigating money laundering and the activities of subversives have arrested seven people in Cork and Dublin and seized a large amount of cash.
Some of the cash may be part of the £26.5 million taken in the Northern Bank robbery in Belfast before Christmas. However, no definite link has been established as yet.
Two Sinn Féin members are understood to be among those arrested in the raids.
Reports indicate the garda operation is continuing with further raids taking place this evening in Dundalk, in Co Meath and in Co Westmeath.
Two men were arrested in Cork last night - one in Douglas and one in Passage West - and around £60,000 sterling in Northern Bank notes was recovered.
A man and a woman were arrested this morning in the Farran area close to Cork City and, it is understood, up to £2 million sterling in cash was recovered.
Three men - one from Cork and two from Northern Ireland - were arrested close to Connolly Station in Dublin last night as part of the same investigation. More than €90,000 was seized in this operation.
All four arrested in Co Cork are being held under Section 30 of the Offences against the State Act at Garda stations in Cork City. Their ages and addresses are unknown.
The three men held in Dublin city last night and are being detained under the same Act in various Garda stations. All seven can be held for 48 hours from their arrest until they have to be charged or released.
Gardaí said the operation was on-going. A PSNI spokeswoman said they were continuing to work actively with the Gardaí in connection with the December 20 thNorthern Bank robbery.
"It is too early to say at this stage if any of the money found was connected to the Northern Bank robbery but both forces are in contact," she said.
The Department of Justice said Minister McDowell was aware of the arrests and was being kept informed of developments.
Assistant PSNI Chief Constable Sam Kincaid, who is in overall charge of the investigation into the Northern Bank robbery, was in Dublin today for talks with senior Garda detectives, where the raid was discussed.
Detective Superintendent Andy Sproule, who is heading the day-to-day operation of the investigation, is expected to travel to Dublin tomorrow.
Around £26.5 million sterling was stolen from the Northern Bank in Belfast last December in a raid that has been blamed on the Provisional IRA. The IRA and Sinn Féin have repeatedly denied involvement in the raid.
Sinn Féin said it would wait for further information about the latest arrests before commenting. "Over the last four weeks we have seen people rush to judgment time and time again.
We would urge people to exercise caution on this occasion and allow the truth to come out," the party said in a statement.
