The massive cash haul was discovered after gardai intercepted a heavy goods vehicle shortly after it left Port Tunnel at Dublin Port at 8.15pm last night.
In the course of the search of the vehicle, cash totalling €488,000 was located and seized.
A 34-year-old man was arrested under Section 50 of Criminal Justice Act and is currently being questioned in at Mountjoy Garda Station, Dublin.
Detective Chief Superintendent Seamus Boland, who is head of bureau at the Garda National Drugs & Organised Crime Bureau (GNDOCB), today said:
"The outcome of this operation today reflects the fact that, in 2022, the Garda National Drugs & Organised Crime Bureau (GNDOCB) will continue to prioritise the targeting of assets that are believed to be proceeds of crime, with a view to seizing the assets and initiating prosecutions in relation to those suspected to be engaged in money laundering and associated offences”.
A garda spokesman said: "In the course of ongoing investigations targeting persons suspected to be involved in organised crime, personnel attached to the Garda National Drugs & Organised Crime Bureau (GNDOCB), intercepted a heavy goods vehicle, having exited the Port Tunnel at Dublin Port.
"The detained person was arrested arising from suspicion associated with his alleged involvement in an offence of participating in the activities of a criminal organisation, to facilitate money laundering, relating to the suspected proceeds of drug trafficking, pursuant to the provisions of section 72 of Criminal Justice Act 2006.
"In the course of the search of the vehicle, cash totalling €488,000 was located and seized.
"Today, in the course of the relevant investigation, the GNDOCB arrested one (1) male, age 34 years. He is currently detained, pursuant to the provisions of section 50 of Criminal Justice Act, 2007, at Mountjoy Garda station, Dublin.
"The investigation is ongoing and further updates will follow."