The Dutch Fiscal Intelligence and Investigation Service (FIOD) has arrested two males for allegedly laundering cash with cryptocurrencies.In respo
The Dutch Fiscal Intelligence and Investigation Service (FIOD) has arrested two males for allegedly laundering cash with cryptocurrencies.
In response to an announcement released by the Worldwide Income Service on Feb. 18, the 2 males have been arrested on Feb. 17 in connection to 2 separate prison investigations into cash laundering utilizing cryptocurrencies. Each investigations have been led by the Nationwide Workplace for Critical Fraud, Environmental Crime and Asset Confiscation.
The cash path
One of many suspects was a 45-year-old man who’s accused of laundering 2.1 million euros. He purportedly used giant purchases with a cryptocurrency-backed bank card that the Netherlands tax authorities couldn’t clarify based mostly on his revenue and property.
He additionally allegedly withdrew 10,000 euros (almost $10,800) in money. A number of of his possessions have been seized, together with three kilograms of gold, 260,000 euros in crypto (over $280,000) debit and bank cards, a automobile and luxurious items reminiscent of watches and jewellery.
The opposite suspect is accused of getting laundered 100,000 euros (almost $108,000). He allegedly used cryptocurrency mixing service Bestmixer, however authorities have been capable of determine the IP tackle related together with his Bitcoin tackle.
As Cointelegraph reported in Could 2019, Dutch and Luxembourg authorities together with Europol shut down one of many three largest cryptocurrency tumblers.
Cryptocurrencies and cash laundering
Monetary regulators across the globe have urged that there’s a relationship between cash laundering and cryptocurrencies on a number of events. Not too long ago, the Central Financial institution of Russia published a brand new algorithm for suspicious transactions that broadly categorizes any cryptocurrency-linked transaction as a possible cash laundering danger.
In an try to cut back the cash laundering dangers related to cryptocurrencies, Swiss regulators recently passed new guidelines that decrease the edge for unidentified crypto trade transactions from 5,000 francs to 1,000 francs (roughly $1,020).