Financial Crime World

Title: Two Billion Euro Money Laundering Scandal Busted in Europe

Subtitle: European Authorities Dismantle Massive Money Laundering Syndicate

A large-scale international money laundering operation with an estimated value of 2 billion Euros has been dismantled by judicial and law enforcement authorities in Italy, Latvia, and Lithuania [1]. This money laundering network operated via a Lithuanian financial institution since 2017.

Arrest of Main Suspects

  • Two main suspects are currently in custody for running the criminal network [1].
  • A third suspect was arrested for defrauding the Italian authorities of 15 million Euros in public funds and laundering the illicit money through the same interconnected web of enterprises around the Lithuanian financial institution [1].

Investigation Findings

  • The money laundering operation employed a network of shell companies to facilitate transactions worldwide [1].
  • The primary business was offering money laundering services online for hire by criminals [1].

Collaborative Efforts and Seizures

According to reports from Europol and Eurojust, which coordinated the international effort [1]:

  • The two primary suspects have already been detained in Lithuania [1].
  • An investigation into their activities led to the identification and detention of 15 individuals in Latvia [1].
  • The seizure of 12 million Euros’ worth of assets has been reported [1].

Connections to Separate Organized Crime Group

The arrested individuals are believed to be linked to a separate organized crime group (OCG) that defrauded the Italian authorities by exploiting loopholes in the EU’s structural funds program [1][2].

Ongoing Efforts to Dismantle Existing Criminal Structures

Europol and Eurojust continue to collaborate with national police forces to dismantle existing criminal structures and prevent future money laundering attempts [1].

Sources

[1] Europol. (n.d.). Full-scale action against EUR 2 billion money laundering network via Lithuanian financial institution. [Online]. Available: https://www.europol.europa.eu/newsroom-new/full-scale-action-against-eur-2-billion [2] Eurojust. (n.d.). Eurojust press release. Full-scale action against EUR 2 billion money laundering network via Lithuanian financial institution. [Online]. Available: https://www.eurojust.europa.eu/news/full-scale-action-against-eur-2-billion-money-laundering-network-lithuanian-financial [3] Anadolu Agency. (2023, February 23). Two suspects arrested in EU-wide money laundering operation. Anadolu Agency. [Online]. Available: https://www.aa.com.tr/en/europe/two-suspects-arrested-in-eu-wide-money-laundering-operation/2059761 [4] The Guardian. (2023, February 23). Italian authorities investigate 15m euro fake invoicing scandal. The Guardian. [Online]. Available: https://www.theguardian.com/world/2023/feb/23/european-criminal-ring-15m-fake-invoicing-scandal-italy-lithuania