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The Law Society has called for any evidence about the sale of Nama's NI loan portfolio to be given to police.

It said it would co-operate with any police inquiry.

Calls for a police investigation were made following the discovery of an Isle of Man bank account controlled by Ian Coulter, a former managing partner of Belfast law firm Tughans.

The firm did some of the work that saw Cerberus Capital Management buy the portfolio for £1.3bn.

Mr Coulter left Tughans in January after it found out and retrieved the cash.

Inquiry

In its statement the Law Society said: "In January 2015, following a self-report made by Tughans, the Law Society commenced an inquiry into the circumstances which led to the resignation of Ian Coulter from Tughans.

"The Law Society has satisfied itself that any funds in question are secure whilst the investigation is ongoing."

The Law Society said it did not have a "wider remit to investigate individuals who are not solicitors".

It said that while Mr Coulter was no longer practising, he remained on the roll of solicitors in Northern Ireland and therefore was still subject to its regulations.

Claims were made in the Irish parliament (Dáil) last week that £7m had been "reportedly earmarked" for a Northern Ireland politician.

The Law Society said it "calls for independent TD Mick Wallace or any other person with relevant information, to make available to the PSNI and Garda Siochana all information or evidence he has to substantiate the new and serious allegations made by him in the Dáil".

It said it would "co-operate with any police investigation into these new and serious allegations which are beyond the remit" of its powers.

"Upon conclusion of its inquiry, the Law Society shall take such action as is appropriate which may include referral to the independent Solicitors' Disciplinary Tribunal empowered to impose financial penalties and/or striking off solicitors from the roll of solicitors," it said.

The National Asset Management Agency (Nama) is the Republic of Ireland's "bad bank".

It was set up to deal with toxic property loans on the books of bailed-out banks, following the 2008 property crash.

Analysis: 91�ȱ� NI home affairs correspondent Vincent Kearney

The Law Society is the professional body that represents and regulates all solicitors practising in Northern Ireland.

Established in 1922, it is the regulatory authority governing the education, accounts, discipline and professional conduct of more than 2,300 solicitors.

It is legally required to fulfil these functions to "maintain the independence, ethical standards, professional competence and quality of services offered to the public".

It launched an inquiry into the circumstances of Ian Coulter's departure from Belfast law firm Tughans after being contacted by the company in January.

In a statement last week, Tughans confirmed that it had reported the issue to the Law Society and was co-operating fully with the inquiry.

Until Tuesday, the Law Society itself had declined to confirm or deny that an inquiry was taking place, stating that it "does not comment on whether or not there is any investigation ongoing in relation to any particular matter or firm".

That all changed shortly after 17.30 BST on Tuesday when it issued a statement confirming that it has been conducting an investigation.

The statement also said the Law Society will co-operate with any police investigation into "these new and serious allegations which are beyond the remit of the Law Society's powers".