The Criminal Assets Bureau of Ireland confirmed that organized crime gangs rent private safe deposit boxes to store crypto wallet keys and seed phrases, along with cash, luxury watches, and passports.
The investigation was presented by detective chief superintendent Michael Gubbins, head of the state asset confiscation agency, who reported the practice to Ireland’s Anti-Money Laundering Steering Committee.
According to Gubbins, criminal groups turn to cryptocurrencies to diversify risk against potential seizures and because they believe anonymity protects them. However, the agency’s own chief noted that the use of crypto assets in the country remains fairly basic, and that cash continues to dominate as the primary vehicle for dirty money, especially in drug trafficking.
The bureau also detected professional money laundering networks operating hawala systems, charging commissions of around 6%.
Ireland is preparing for new European Union regulations expected next summer, which will ban cash transactions above €10,000 and require enhanced controls over private crypto wallets. Ireland published its first national anti-money laundering strategy last month. Meanwhile, the bureau is advancing in the largest crypto seizure in its history: 6,000 BTC confiscated in 2019 from a cannabis grower, of which more than €130 million has already been liquidated out of a total of €360 million.
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