Title: Lithuanian Financial Institution at the Heart of EUR 2 Billion Money Laundering Network

European authorities take down large-scale money laundering operation centered around a Lithuanian financial institution.

Estimated EUR 2 Billion Laundered Since 2017

European judicial and law enforcement authorities in Italy, Latvia, and Lithuania have launched a large-scale operation against a money laundering business. According to Eurojust, the European Union Agency for Criminal Justice Cooperation, an estimated EUR 2 billion has been laundered through a network of shell companies since 2017.

The two main suspects offered money laundering services online to criminal organizations worldwide.

Main Suspects Taken into Custody

Eurojust announced that the two main suspects have been taken into custody. Their criminal organization has been found to be responsible for laundering funds through a complex web of enterprises.

Lithuanian Financial Institution Serves as Key Hub

The Lithuanian financial institution served as a key hub for the money laundering activities.

Separate Organized Crime Group Targeted

A separate organized crime group, headed by a third main suspect, was also targeted in the operation. The suspect was arrested for defrauding the Italian authorities of EUR 15 million in public funds. Those funds were then laundered via the same intricate network of enterprises linked to the Lithuanian financial institution.

Investigation Demonstrates Transnational Nature of Money Laundering

The ongoing investigation has demonstrated the transnational nature of money laundering and the crucial role that financial institutions can play in facilitating such criminal activities.

Eurojust Continues to Support Counter-Money Laundering Efforts

Eurojust will continue to support the cooperative efforts of national authorities in countering money laundering and other forms of financial crime.