Ireland's Crime Gangs Hide Crypto Keys in Private Vaults

Organized crime gangs in Ireland are turning to private vaults to store their cryptocurrency holdings, alongside cash and luxury goods. According to Detective Chief Superintendent Michael Gubbins of the Criminal Assets Bureau, this practice emerged from his agency's own investigations.

The bureau has reported this trend to the government's Anti-Money Laundering Steering Committee, which is preparing Ireland for new EU anti-money laundering rules due next summer. These regulations will ban cash transactions above €10,000 and require businesses to identify anyone spending €3,000 or more in cash.

Gubbins noted that gangs are using cryptocurrency to spread risk against seizure and for the perceived anonymity it provides. However, he described their use of crypto as 'still quite basic' and emphasized that cash remains the dominant form of dirty money in Ireland.

The bureau has been working on cracking a large cryptocurrency seizure, which involves 6,000 BTC taken from a cannabis grower in 2019. Gubbins said more than €130 million of the €360 million holding has now been realized, with over €15 million returned to the Irish exchequer last year.