Two men have been arrested on the grounds of money laundering with cryptocurrencies, by the Dutch Fiscal Intelligence and Investigation Service (FIOD).

The International Revenue Service on February 18,<a href="https://www.irs.gov/pub/irs-utl/j5-media-release-2-18-2020.pdf"> released</a> a statement according to which two men were arrested a day before on charges of<a href="https://www.cryptoknowmics.com/news/cab-tastes-success-in-seizing-bitcoin-assets-of-drugs-dealer"> money laundering</a> in separate investigations, carried out by the National Office for Serious Fraud, stealing assets etc.

A 45-year old is a suspect in the case, who is accused of laundering 2.1 million euros. He allegedly did large purchases with a credit card which was cryptocurrency backed which the Netherlands tax authorities couldn’t verify based on his income and assets worth. He withdrew 10,000 euros (nearly $10,800) in cash too, and now his possessions have been seized, which includes 3 kgs of gold, $280,000 in crypto debit and credit cards, and many more expensive purchases.

The other suspect is found guilty of having laundered 100,000 Euros; he took the help of cryptocurrency mixing service Bestmixer. Still, authorities luckily identified the IP address linked to his bitcoin account. In May 2019, one of the three most famous cryptocurrency tumblers were shut down by Dutch and Luxuberg authorities.
<h2>Regulations Around The World Are Making Moves to Counter Money Laundering</h2>
Financial regulators have regularly discovered the link between money laundering and cryptocurrencies. Regulations around the world have taken various steps; Swiss regulators have been active and recently lowered the threshold for unidentified crypto exchange transactions from 5,000 to 1,000 francs.

The Central Bank of Russia recently released a new set of rules to tackle suspicious transactions that would help in reducing the potential of money laundering risks.

Leading Tax enforcement authorities from<a href="https://www.cryptoknowmics.com/news/australian-authorities-seize-1-5million-in-cryptocurrency-from-drug-dealers"> Australia</a>, Canada, the Netherlands, and the UK and<a href="https://www.cryptoknowmics.com/news/dropbit-ceo-charged-with-money-laundering-by-us-authorities"> US</a> established J5 in mid2018, to counter the growing threat of money laundering and tax crime. This partnership aims to enhance the capability of international law-enforcement through the interchange of data.

FIOD Arrests Two Men in Money Laundering Case

The Dutch Fiscal Intelligence and Investigation Service (FIOD),arrested two men on suspicion of money laundering using cryptocurrencies.

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

FIOD Arrests Two Men in Money Laundering Case

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