Ireland’s Authorities Confiscated $73M Worth of Illicit Crypto Gains in 2019
As regulators continue to clamp down on criminal activities involving several assets, including cryptocurrencies, Ireland’s Criminal Assets Bureau (CAB) has revealed that crypto assets worth €65 million ($72,935,200) were confiscated last year from malefactors.
According to local reports today, the law enforcement agency noted that the figure increased significantly from €53 million ($59,470,240) worth of cryptocurrencies that were seized in 2018.
TheJournal stated that the country’s Minister of Justice, Charlie Flanagan would be briefing the cabinet about the 2019 CAB report.
From the total amount, an excess of €3.9 million ($4,376,580) was returned to the Exchequer, a government’s current account that holds money gotten from taxation and other forms of government revenue.
“This includes around €1.6 million ($1,795,304) under the Proceeds of Crime legislation and €2 million ($2,243,950) under Revenue legislation. Around €300,000 ($336,550.50) was also recovered in Social Welfare overpayments,” the report added.
In addition, the Bureau noted that it made an additional savings of €2.3 million ($2,580,220.50) from people who had their social welfare payments either terminated or reduced.
Global increase in criminal activities
As per the report, the increase in illicit revenue is as a result of the continuous growth in fraudulent cases, including monetary gains from drug trafficking, money laundering, and theft of various categories.
Only last year, an Ireland High Court under the Proceeds of Crime Legislation, received 31 applications, with the majority of these cases involving the use of cryptocurrencies and other assets in fraudulent activities.
Founded in 1996, CAB was established to conduct investigations into illegally acquired assets of criminals involved in fraudulent activities.
Lately, several countries have increased efforts into clamping down on illicit activities within their jurisdiction, with severe punishments attached to these crimes to deter more people from taking the same route.
Coinfomania reported earlier this month that a British court ordered the confiscation of illegally acquired Bitcoin (BTC) and other financial gains worth about £2 million ($2,533,750) from a couple.