The investigation into a money-laundering ring that reportedly transferred over €1tn highlights the significant reach of organized crime across Europe. Law enforcement cites connections to various international gangs and emphasizes the innovative methods employed to evade detection.**
Major Money Laundering Operation Linked to Russian Mafia Dismantled in Spain**
Major Money Laundering Operation Linked to Russian Mafia Dismantled in Spain**
A large-scale criminal network has been targeted in a joint operation by Spanish and Portuguese authorities, leading to multiple arrests and the seizure of substantial assets.**
The recent crackdown on a sophisticated money-laundering operation believed to be linked to the Russian mafia has yielded significant results, with authorities in Spain and Portugal arresting fourteen individuals across several cities. According to Europol, the criminal network is suspected of handling over €1 trillion (£828 billion) in illicit funds in a two-year period, a staggering figure that underscores the extensive scale of this organized crime syndicate.
The majority of the arrested suspects are Russian nationals, and the money-laundering activities primarily involved funds derived from drug trafficking operations. As part of their operations, the ring charged clients a commission of 2-3% for each transaction, effectively turning the illicit activity into a “genuine multinational money-laundering company,” as described by Spain's National Police.
Raids conducted in locations across Spain included properties in Madrid, Málaga, Marbella, Torremolinos, Coín, and Ayamonte, as well as in Lisbon, Portugal. Authorities seized over €1 million in cash and cryptocurrencies during the bust. This criminal group was capable of processing as much as €300,000 a day, with connections to various organized crime groups from Albania, Serbia, Armenia, China, Ukraine, and Colombia.
The investigation initiated in early 2023 after police noted the consistent movement of large sums of money by known members of the Russian mafia operating within Spain. The scheme utilized the "Hawala" transfer method, a traditional banking alternative that allows for money to be transferred internationally without requiring physical or digital movement between bank accounts, thus bypassing regulations.
In a surprising twist, members of the gang expressed ambitions of expanding their operations into Cuba, proposing a project to install solar panels for the Cuban government in exchange for minerals. During their communications with Cuban officials, gang members boasted about their supposed connections to Spanish political figures.
Evidence collected during the raids revealed that each property was equipped with high-security safes and money-counting machines stored in soundproof cabinets to muffle the noise. To avoid detection, gang members regularly changed their locations and vehicles and used encrypted mobile phones linked in a way that allowed for simultaneous lockdown if one were apprehended.
As the investigation progresses, law enforcement agencies remain vigilant, with indications that further arrests are likely. The implications of this dismantled network are significant, shedding light on the interconnectedness of organized crime and the challenges law enforcement face in combating such global operations.
The majority of the arrested suspects are Russian nationals, and the money-laundering activities primarily involved funds derived from drug trafficking operations. As part of their operations, the ring charged clients a commission of 2-3% for each transaction, effectively turning the illicit activity into a “genuine multinational money-laundering company,” as described by Spain's National Police.
Raids conducted in locations across Spain included properties in Madrid, Málaga, Marbella, Torremolinos, Coín, and Ayamonte, as well as in Lisbon, Portugal. Authorities seized over €1 million in cash and cryptocurrencies during the bust. This criminal group was capable of processing as much as €300,000 a day, with connections to various organized crime groups from Albania, Serbia, Armenia, China, Ukraine, and Colombia.
The investigation initiated in early 2023 after police noted the consistent movement of large sums of money by known members of the Russian mafia operating within Spain. The scheme utilized the "Hawala" transfer method, a traditional banking alternative that allows for money to be transferred internationally without requiring physical or digital movement between bank accounts, thus bypassing regulations.
In a surprising twist, members of the gang expressed ambitions of expanding their operations into Cuba, proposing a project to install solar panels for the Cuban government in exchange for minerals. During their communications with Cuban officials, gang members boasted about their supposed connections to Spanish political figures.
Evidence collected during the raids revealed that each property was equipped with high-security safes and money-counting machines stored in soundproof cabinets to muffle the noise. To avoid detection, gang members regularly changed their locations and vehicles and used encrypted mobile phones linked in a way that allowed for simultaneous lockdown if one were apprehended.
As the investigation progresses, law enforcement agencies remain vigilant, with indications that further arrests are likely. The implications of this dismantled network are significant, shedding light on the interconnectedness of organized crime and the challenges law enforcement face in combating such global operations.
