Spanish Police Bust Organized Crime Gang Laundering Millions

In a major operation, Spanish police have successfully dismantled an organized crime gang that was reportedly laundering hundreds of millions of dollars annually. Europol, the European policing organization, worked in collaboration with the Spanish National Police and Tax Agency, as well as Eurojust, the judicial cooperation agency, to bring down the illicit operation.

The Narco Bank

The underground “narco bank” in question was allegedly operated mainly by Syrian nationals and is believed to have laundered an estimated €300m ($292m) per year for drug traffickers and other criminal organizations since 2020. The illicit enterprise used various means to transfer funds illegally, including the underground hawala network, in order to evade law enforcement scrutiny.

The Bust

The breakthrough came on September 27, when more than 200 officers conducted raids on 21 locations in the Spanish provinces of Málaga and Toledo. A total of 32 individuals were arrested, and nearly €3m in criminal assets were seized. This included €428,000 in cash, €1.5m in various cryptocurrency accounts, 11 luxury vehicles, and a significant amount of marijuana. Europol noted that €2.9m in cash had already been confiscated during the course of the investigation.

Global Money Laundering

Money laundering is a global issue, with trillions of dollars believed to be laundered annually to support criminal activities ranging from human trafficking to romance fraud. While much of this illegal activity goes undetected, law enforcement agencies occasionally succeed in dismantling major criminal networks. In June, Europol disclosed details of another successful anti-money laundering operation that targeted a €44m criminal network.

Legal Consequences

The crackdown on money laundering also comes with increased legal consequences for those involved in such illicit activities. Earlier this year, two foreign nationals were sentenced to a combined 33 years in jail by the UK’s Kingston Crown Court for their involvement in money laundering. These harsh penalties serve as a deterrent to others who may be considering engaging in similar criminal behavior.