Title: European Police Dismantle Major “Drug-Money Bank” Laundering 180 Million Euros from Cocaine Trafficking

Significant Blow to International Drug Trafficking Rings

On Thursday, European law enforcement authorities announced the successful takedown of a major money laundering network involved in the illegal cleaning of 180 million euros derived from cocaine trafficking. The operation, led by Europol, targeted a criminal banking system that had been laundering ill-gotten gains throughout Europe.

Arrests and Seizures

As part of the coordinated action day called “Operation Sky ECC,” six suspects were arrest in March 2023. Five were apprehended in Belgium, and one arrest took place in Spain. The joint investigation resulted in the seizure of:

1. 1.2 million euros worth of cryptocurrencies
2. Luxury items
3. Several real estate properties

Composition and Reach of the Criminal Organization

The criminal organization targeted in the operation consisted of Moroccan, Spanish, and Belgian nationals. They had established a highly professional system to launder money derived from importing cocaine into Europe. Their ill-gotten profits were then invested in real estate within the EU and several Moroccan cities. The extent of their activities reached:

• Belgium
• The Netherlands
• Spain
• South America
• Dubai

Investigation and Background

Europol first began investigating the case in October 2021 after decrypting messages that indicated the presence of an extensive criminal network. The EU agency discovered that large quantities of cocaine were being trafficked from South American countries to European seaports and airports. The following steps represent the progression of the investigation:

1. October 2021: Europol discovered a criminal network in South American entry points, which were facilitating cocaine trafficking into Europe.
2. Late 2022: Europol cracked the codes used in the criminal organization’s encryption network; codenamed “SKY ECC.”
3. March 2023: Europol led a series of coordinated actions against multiple countries linked to the organization, including the six-country bust in March.

Previous Europol Successes in Counter-Drug Efforts

In recent times, Europol played a significant role in a cocaine cartel takedown, leading to the arrest of several high-value targets in March. However, despite increased anti-drug efforts, the illicit drug market in Europe continues to expand. Belgium has emerged as a major drug trafficking hub in the region.