International Crackdown on Money Laundering Network Uncovers EUR 27 Million in Cryptocurrency
Investigations into a sophisticated money laundering network began in 2023, prompted by suspicious activity detected by Spanish border police. Authorities observed members of a criminal group frequently traveling from Spanish airports to Cyprus, carrying large sums of cash. The trips were used to deliver illegal profits, which were then laundered. Law enforcement ultimately prevented further travel by the group and confiscated over EUR 1.8 million.
Authorities uncovered that the group operated an advanced money laundering service, catering to other criminal organizations by transferring illicit profits internationally. Cryptocurrencies were heavily utilized to facilitate the movement of funds between networks. To dispose of cash profits, the group transported money on commercial flights, predominantly to Cyprus, and used public transport to move funds to neighboring countries of Spain. It is estimated that the network conducted four to six laundering transactions weekly.
The operation required a highly organized structure, comprising at least 52 members, primarily based in Spain and Cyprus. The group worked with external contacts to coordinate with clients and receive cash for laundering. Their network was linked to several commercial companies globally, amplifying the scope of their criminal activities.
Given the international reach of the laundering service, a collaborative effort among European authorities was essential to dismantle the network. A joint investigation team (JIT) was established at Eurojust, involving Spanish, Cypriot, and German authorities, with support from Europol. By exchanging critical information from tax and judicial agencies, the team was able to systematically dismantle the organization. Europol played a vital role by providing expert support in financial crime analysis, dismantling high-risk criminal networks, exposing money laundering frameworks, and tracking cryptocurrency transactions.
In October 2024, joint enforcement actions were carried out in Spain, France, and Cyprus. This effort was followed by additional operations in November 2024 to target individuals connected to the criminal group. A total of 91 coordinated raids were conducted: 77 in Spain, 13 in Cyprus, and 1 in France. Authorities arrested 23 individuals—20 in Spain, 1 in France, and 2 in Slovenia. These actions resulted in the seizure of EUR 8 million in cash, EUR 2 million in bank accounts, and the freezing of EUR 27 million in cryptocurrency assets. Investigations into the network and its operations remain ongoing.
Agencies Involved in the International Operation:
Spain:
– Investigating Judge No. 2 of El Prat de Llobregat
– Public Prosecution Office of Barcelona
– Guardia Civil Special Central Unit 3 (Destabilizing Threat Group – UCO)
Cyprus:
– Attorney General’s Office
– MOKAS (Unit for Combating Money Laundering)
– Criminal Investigation Department (CID), with support from other police departments
Germany:
– Public Prosecutor’s Office, Landshut
– Customs Investigation Office, München
France:
– Judicial Court of Marseille
– Interregional Specialized Jurisdiction against Organized Crime (JIRS)
– National Anti-Fraud Office (ONAF), Marseille/Nice
This coordinated international effort highlights the increasing use of cryptocurrency by criminal networks and the crucial role of cross-border cooperation in combating organized crime.
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