The coalition forces dismantle the transnational money laundering operation.

A sophisticated money laundering operation using cryptocurrency to transfer profits between criminal organizations has just been dismantled following an international investigation. Eurojust, the agency supporting law enforcement cooperation within the European Union, reported the arrest of 23 suspects linked to this operation.

The investigation led to the freezing of $28 million in cryptocurrency, along with the seizure of $8 million in cash after a series of raids across Europe. The total amount laundered reached $100 million, with money laundering activities occurring at least 6 times a week through commercial flights and public transportation.

The money laundering network extends from Spain to Cyprus.

The case was uncovered when Spanish border officers noticed large sums of money being continuously transported to Cyprus, leading to the discovery of a much more complex network. Investigators identified at least 52 individuals connected to this money laundering organization, spanning across Spain and Cyprus.

This group operates professionally, working with trading companies around the world to create a legitimate cover for dirty money. The agency has assisted in tracking illegal cryptocurrency flows between wallets, helping to break up this network.

As a result, 20 suspects were arrested in Spain, 2 in France, and 1 in Slovenia.

Cryptocurrency – the new tool for cross-border crime

This case bears many similarities to the 'Operation Destabilize' case in the UK last year. At that time, the UK National Crime Agency (NCA) dismantled a money laundering operation of Russian gangs, leading to over 80 arrests and the seizure of $25.5 million in cash and cryptocurrency.

In these cases, cryptocurrency was not only used for money laundering but also reinvested into illegal activities such as drug and arms trafficking, allowing gangs to operate without the need for cash.

Conclusion

Cryptocurrency is borderless, requiring law enforcement agencies to collaborate across multiple countries to combat criminal organizations. Cases like this show that investigations can take years, but the results achieved are helping to protect the financial system from criminal manipulation.

🚨 Note: Although crypto has many legitimate applications, investors need to be cautious of illegal activities in this field.