Europol Releases Shocking Money Laundering Statistics: €250 Billion Stolen Annually
Subtitle: European Union’s Law Enforcement Agency Warns of Surge in Economic Crime
Amidst growing concerns over the surge of economic crimes in Europe, Europol, the European Union’s law enforcement agency, has released its latest statistics on money laundering.
## Key Findings
- Europol estimates that illicit proceeds worth approximately €250 billion are laundered annually in the European Union.
- Money laundering related crimes top the list of reported economic crimes.
- Organised criminal networks play a predominant role in facilitating money laundering.
- Proceeds often originate from drug trafficking, fraud, and proceeds of cybercrime.
- Professional money launderers disguise ill-gotten gains through complex financial operations.
- Virtual currencies are increasingly used for money laundering due to their anonymity.
- Criminal networks are capitalising on the digital transformation and remote work trends.
Europol Executive Director, Catherine De Bolle, stated, “Money laundering and economic crime are grave threats to the integrity of Europe’s economies and financial systems.” She added, “It is our responsibility to ensure that organised criminal networks are held accountable for their actions.”
## Trends in Money Laundering
1. **Origin of funds:** Proceeds of crimes such as drug trafficking, fraud, and cybercrime are commonly used for money laundering.
2. **Role of professional money launderers:** Professional money launderers aid in disguising ill-gotten gains through complex financial operations.
3. **Use of legal entities:** Criminal networks use legal entities as cover for money laundering activities.
4. **Virtual currencies:** The anonymity offered by virtual currencies makes them attractive for large-scale money laundering operations.
5. **Impact of digital transformation:** The shift to remote work and digital transactions due to the COVID-19 pandemic has given rise to an increase in card-not-present transactions, offering new opportunities for fraudsters and cybercriminals.
Europol is committed to combatting money laundering and economic crime with the cooperation of members states and financial institutions. “Our efforts to combat money laundering and economic crime are ongoing,” said Catherine De Bolle.
The agency has introduced several projects and tools to enhance the capabilities of law enforcement bodies in combatting digital crimes. These include the European Cybercrime Centre (EC3) and the EU Innoculation Hub for Internal Security.