The United Arab Emirates has reportedly frozen the assets of the Kinahan drug trafficking gang.
The Financial Times reports that the UAE is "continuing to investigate the Irish organised crime group in parallel with authorities in the US, UK, Ireland and Spain."
A government spokesperson said: "The relevant authorities co-operate closely on cases involving foreign elements, in line with the UAE’s international commitments and national legal framework for combating illicit activity."
Read more: Top boxing promoter says Daniel Kinahan-founded MTK had no choice but to close
Justice Minister Helen McEntee has welcomed the UAE's Government's decision to freeze the assets of the Kinahan ganglords.
She said the great work of the gardaí over the past week has clearly worked in "tightening the net" on the criminals.
Speaking to the Irish Mirror, Ms McEntee said: “This shows the swift impact of the sanctions announced last week to dismantle the Kinahan Organised Crime Group.
“An Garda Síochána’s tireless work in building an international law enforcement coalition to dismantle the gang has sent a clear signal that nobody is out of reach of the law.
“The net is now clearly tightening on the Kinahan Organised Crime Group.”
It comes as MTK Global announced on Wednesday that it will cease operations just over a week after the US government imposed sanctions on Daniel Kinahan.
The company says it made the decision after promoters told them they would no longer work with their fighters.
MTK made the announcement as the press conference for Tyson Fury and Dillian Whyte took place in London ahead of their WBC world heavyweight title fight at Wembley this weekend. It will cease operations at the end of the month.
A spokesperson said: "As a business we have faced unprecedented levels of unfair scrutiny and criticism since the sanctioning by the US Government of Daniel Joseph Kinahan.
"It is a matter of public record that Mr Kinahan's involvement in MTK ceased in 2017, and despite repeated reassurances in this regard, unfounded allegations about his ongoing association with us and our fighters persist.
"Since leading promoters have now informed us that they will be severing all ties with MTK and will no longer work with our fighters, we have taken the difficult decision to cease operations at the end of this month.
"MTK prospered because we always put the long-term interests of our fighters at the heart of what we do. Our priority in the weeks ahead will be to ensure that our world-class boxers are supported to find new partnerships as swiftly as possible.
"MTK gyms are operated independently so will remain open for the foreseeable future. Further announcements will be made in due course.
"Thank you to all the fans who have supported us over the last decade."
Read more: MTK Global to cease operations following Daniel Kinahan sanctions
Read more: Tyson Fury insists he has 'absolutely zero' business with Daniel Kinahan
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