Two Men involved in Cryptocurrency Money Laundering Have Been Arrested by Dutch Authorities

These two suspects were arrested in two separate criminal investigations which were conducted by the National Office for Serious Fraud, Environmental Crime, and Asset Confiscation.

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 By using this card, the suspect has withdrawn 10,000 euros worth around $10,800 in cash.

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.

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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.



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