Title: Hungarian Police Dismantle International Money Laundering Network, Arrest 16 Individuals

Arrests Made in Budapest

• Hungarian law enforcement agencies collaborate with Europol to raid 24 homes in Budapest
• 16 individuals arrested, 5 formally accused of money laundering
• Suspects moved over 44 million euros through complex web of bank accounts

The Organized Crime Group

• Group emerged in September 2020
• Used ‘front’ companies for money laundering
• Bank accounts used to transfer funds across continents

Discoveries Made During Police Searches

• Over 44 million euros deposited in bank accounts across three continents
• Seizure of firearms, ammunition, computers, mobile phones, SIM cards, payment cards, jewellery, and over 120,000 euros in multiple currencies

The Extent of the Organized Network

• At least 44 individuals believed to be involved
• Transnational money laundering scheme spread across continents

Europol’s Description

• “Industrial-scale money laundering and fraud”
• Significant step in combating organized crime in European Union
• Illustrative of the importance of international cooperation

Conclusion

• case highlights need for increased efforts to combat financial crimes
• Fraud and cryptocurrency scams can create intricate, multi-continent criminal networks