The United Arab Emirates has frozen the assets of the Kinahan Organised Crime Group, whose leaders are based in Dubai.
The decision follows the imposition of US sanctions on Daniel Kinahan, his father Christopher Senior and his brother Christopher Junior along with four other gang members and three related companies.
Authorities in the UAE said the move is in line with its national framework and international commitments for tackling crime.
Dubai is one of seven emirates that constitute the federation of the United Arab Emirates.
Welcoming the sanctions, the Taoiseach said that it was part of a wider international effort to clamp down on organised crime, particularly the Kinahan group.
"Following on the heels of the United States, I think it's very welcome news.
"Ultimately crime does not pay, and I think what this illustrates the power of countries working together on the international level," Micheál Martin said.
He added that he has confidence in the capacity of like-minded countries to work together to put pressure on such criminal gangs to reduce very significantly their activities and influence.
The Minister for Justice has also welcomed the announcement. Helen McEntee said "the net is now closing on the Kinahan Organised Crime Group".
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She said the move by the United Arab Emirates shows the swift impact of the sanctions announced last week and that the Garda's work in building an international coalition against the Kinahan gang "has sent a clear signal that nobody is out of reach of the law".
Speaking to RTÉ's Six One News, Ms McEntee said: "It really sends a strong signal that for those who are inflicting such misery and let's be clear, they have inflicted such misery on so many communities not just in Ireland, but across the world."
The Gulf State has become the latest country to join the international law enforcement coalition against the Kinahan Organised Crime Group.
It has frozen its assets, including personal and corporate bank accounts - a move it said is in line with the country's national framework and international commitments to combat illicit activities.
The action will directly affect the finances and spending power of the six top Kinahan gang members who live in Dubai, including Daniel Kinahan, his brother Christopher and their father Christy Kinahan.
The US has already offered $5 million for information leading to their convictions.
The other three are Sean McGovern, who was shot and injured during the murder of gang member David Byrne at the Regency Hotel and is wanted here, Ian Dixon - who keeps track of the gang's money - and Bernard Clancy, who pays other gang members.
The announcement comes a week after the US imposed sanctions on three businesses and seven Kinahan gang members, including the gang's enforcer John Morrissey who is based in Spain.
This means US banks, financial institutions, companies and other organisations cannot do business with them.
It also means any money they have in the US or US banks abroad can be blocked, their credit and debit cards frozen and they cannot fly on US airlines as the airlines cannot do business with them.
The sanctions have also excluded Daniel Kinahan from the sport he loves, boxing, as the promoter Bob Arum cut ties with him, MTK Global boss Bob Yalen resigned and the company announced it will close at the end of the month.
Gardaí said they are investigating new lines of inquiry into the Kinahan Organised Crime Group as part of their continuing effort to dismantle the gang.
Former Garda Assistant Commissioner Michael O'Sullivan said the impact of the UAE freezing assets is "extremely significant".
He told RTÉ's Drivetime: "It places any Organised Crime Group in a nightmare scenario, when you go and freeze their assets.
"You have to remember that a lot of the criminal organisations have left this jurisdiction because of the Criminal Assets Bureau."
He said freezing assets will have a "detrimental effect" on how criminal organisations operate because "cash and assets are their lifeblood ... it just leaves them in a very vulnerable, difficult state".
Additional reporting Tommy Meskill