Europol has dismantled a clandestine banking network involved in laundering over $23 million using cryptocurrency, arresting 17 individuals across Spain, Austria, and Belgium. This operation was linked to organized crime groups, many of which engaged in drug trafficking and migrant smuggling. The network operated through illegal hawala banking and offered cash collection, courier services, and cryptocurrency exchanges. Authorities seized approximately $229,600 in cash, $204,960 in cryptocurrency, luxury vehicles, properties, and items worth over $3.5 million. Participants included Chinese and Arab nationals managing cash collection and international transfers, modernizing traditional hawala systems by incorporating cryptocurrency. This action follows discussions within the EU to enhance tracking of crypto transactions to combat money laundering.

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