Irish Gangs Are Renting Private Vaults to Hide Crypto Keys
Irish organized crime gangs are using rented vaults to store crypto private keys and seed phrases, alongside cash, watches, handbags and even passports, according to the head of Ireland’s Criminal Assets Bureau. The practice has emerged in bureau investigations and has been flagged to the government’s Anti-Money Laundering Steering Committee. Ireland is preparing for new EU anti-money-laundering rules next summer, including limits on large cash payments and tighter oversight of crypto businesses and luxury-goods retailers. Gangs use crypto to reduce seizure risk and for perceived anonymity, but cash still remains the main vehicle for dirty money, especially in drug trafficking. The bureau also sees professional launderers, including hawala operators. Separately, it is working through its largest crypto seizure: 6,000 BTC taken in 2019, with more than €130 million already realized.
