The Dutch Fiscal Intelligence and Investigation Service (FIOD) made these arrests.
The International Revenue Service claimed this in a statement that was released on 18th February and said that Dutch FIOD arrested these two men on 17th February as they were found to be allegedly laundering money using cryptocurrencies.
Million-Euro Cryptocurrency Money laundering
Both of these arrested suspects are involved in million-euro cryptocurrency money laundering. One of them was a 45-year-old man from Noordwijk, Netherlands. He has been accused of laundering approximately 2.1 million-euros and was arrested during the first investigation.
The old man used a crypto credit card and made large purchases. These purchases could not be explained to the Netherlands Tax and Customs Administration based on his salary and assets. He also used this cryptocurrency-backed credit card for the sake of large withdrawals. By using this card, the suspect has withdrawn 10,000 euros worth around $10,800 in cash.
Also read:His debit and credit cards along with some other items such as three kilograms of gold, 260,000 euros in cryptocurrencies, a car, his watches, and other jewelry have been seized.
The second suspect is a 31-year-old man from the province of Groningen, Netherlands. He was arrested during the second investigation and has been suspected to laundering an amount of 100,000 euros worth approximately $108,000. He was found to be using cryptocurrency mixing service Bestmixer. However, the investigative team successfully had identified the IP address based on his Bitcoin address.
Association of Money laundering with Cryptocurrency
Financial regulators find a relationship between cryptocurrencies and money laundering. It seems that money laundering is associated with cryptocurrencies. Keeping in view the money laundering risks, the Russian Central Bank released recently a new set of rules for suspicious transactions.
Apart from this, Swiss regulators also announced new rules in order to decrease the risks of money laundering. However, the relationship between cryptocurrency and money laundering exists.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.