- Europol has shot a criminal bank network
- These criminals have cleaned money for other organizations
- Criminals are increasingly using alternative banking solutions
A criminal parallel banking organization with several branches from all over Europe has been abolished by Europol, confirmed the agency. This withdrawal is in the form of arrests for 17 people (15 in Spain, as well as that in Austria and Belgium).
In addition to arrests, criminal assets worth 4.5 million euros have been seized, as well as electronic devices and firearms. The criminals arrested were mainly Chinese and Syrians in nationality and are accused of having provided money laundering to criminals.
“This includes parallel banking services, illegal banking services from Hawala, cash collection, cash mail services and the exchange of cryptocurrencies for species. The money launders were operational in at least two branches: one which was largely addressed to the Europol, according to Europol.
An underground financial system
Also seized in the withdrawal was € 183,000 in cryptocurrency and 77 bank accounts – this structured underground financial system would have used alternative banking methods in order to escape the police.
“This operation is an excellent example of the interconnection between criminal networks,” Europol spokesperson told Cybersecurity News. “By following the monetary track left by previous investigations on the smuggling of migrants, we have managed to eliminate a key financial infrastructure which allowed various criminal activities across Europe.”
This occurs after Europol and Eurojust have dismantled a large investment scam which stole 3 million euros at around a hundred victims. This fraudulent company encouraged users to pay money into false investment plans, cybercriminals making “substantial benefits” of the platform.
Digital and financial fraud is increasingly connected, with more and more tools available for criminals to access the victims and to develop crime networks. Criminals turn to alternative banking systems to clean and move money through the drop in surveillance and regulation.
