Ireland's Crime Gangs Hide Crypto Keys in Rented Vaults

Organized crime syndicates in Ireland have found a new way to hide their cryptocurrency holdings from law enforcement. The gangs are renting private vaults and storing the phrases and keys needed to access their wallets alongside cash, luxury items, and passports.

The practice was revealed by Michael Gubbins, head of the Criminal Assets Bureau's (CAB) asset seizure unit. He noted that this method is low-tech and exploits a perceived security measure, as there's a sense of anonymity associated with it.

Gubbins also pointed out that renting a safe deposit box is legal in Ireland, making it difficult for law enforcement to obtain a forfeiture order without linking the contents to the proceeds of crime. This is a greater burden of evidence compared to freezing bank account assets.

The CAB has already flagged this technique to the government's Anti-Money Laundering Steering Committee and is preparing for new EU regulations that will introduce stricter controls on cryptocurrency asset service providers, luxury goods vendors, and crowdfunding platforms.