Title: “Multi-National Money Laundering Network Dismantled in Major Lithuanian Crackdown”
Subtitle
- Italian, Latvian, and Lithuanian Authorities Disrupt €2 Billion Money Laundering Operation
Dismantling a Complex Money Laundering Network
Lithuania’s Financial Crimes Unit, in collaboration with Italian and Latvian authorities, successfully dismantled a major money laundering network tied to a Lithuanian financial institution, as announced by Europol on Wednesday. The operation, codenamed ‘Crypto Ville,’ is believed to have laundered around €2 billion (US$2.35 billion) since 2017.
Key Players and Institutions Involved
- Lithuania’s Financial Crimes Unit
- Europol
- Italian authorities
- Latvian authorities
- Several financial institutions
- Money service businesses
- Criminals from various European countries
The Takedown
The investigation, coordinated by Europol’s European Multidisciplinary Platform against Criminal Threats (EMPACT), resulted in over 100 arrests. Authorities seized numerous bank accounts and millions of euros worth of assets. No further details on the assets or arrested individuals have been disclosed.
Lithuania’s Ongoing Battle Against Money Laundering
Money laundering is a growing concern in Lithuania, with the country’s financial institutions often used as conduits for criminal proceeds. Despite significant improvements in anti-money-laundering supervision and financial transparency last year, Lithuania still ranks 45th in Transparency International’s 2021 Corruption Perceptions Index.
Previous Investigations
The dismantled network comes after months of investigation and close cooperation between Lithuanian and Italian law enforcement. In November, the Italian tax police charged a Lithuanian man accused of leading an international money laundering ring. The ring, which allegedly used a Lithuanian bank to launder stolen funds, saw several high-profile arrests and seizures.
Separately, investigators in Latvia dismantled a Latvian-based money laundering network involving several Finnish and Estonian criminals, seizing over €7 million in assets.
EU’s Vigilance Against Money Laundering Threats
Authorities remain vigilant against potential money laundering threats within the European Union, with ongoing collaboration and investigations between member states to tackle this transnational crime.