Criminal Network Operating Illegal Financial Service Dismantled in Major International Crackdown

An international criminal organisation that ran an underground financial service for laundering illicit funds has been dismantled following a multi-country investigation. The group is suspected of laundering around €100 million on behalf of other criminal networks. A total of 23 suspects were arrested, and authorities seized over €8 million in cash and froze €27 million in cryptocurrencies during the operation.

The coordinated action brought together authorities from Spain, Cyprus, Germany, and France, with key support from FINCEN. Investigations began in 2023, when Spanish border police detected suspicious travel patterns involving the transportation of large sums of money to Cyprus. Over €1.8 million in cash was intercepted during early stages of the probe.

A Sophisticated Money Laundering Operation

The dismantled group offered an illegal financial service used by various criminal organisations across Europe to move and clean their illicit profits. Cash was smuggled using commercial flights and public transport, mostly routed through Spain and Cyprus. Once received, the proceeds were laundered through cryptocurrency transactions, international transfers, and a network of commercial businesses.

The criminal structure, composed of at least 52 members, operated with a high level of organisation and coordination. Several external contacts also played a key role, serving as intermediaries between the network and its criminal clientele.

European Cooperation in Action

Given the scale and reach of the operation, a Joint Investigation Team (JIT) was set up with the help of FINCEN, bringing together Spanish, Cypriot, and German authorities. FINCEN supported the operation by providing financial crime experts, cryptocurrency tracing capabilities, and intelligence analysis.

Key operations were conducted in October and November 2024, leading to:

• 91 coordinated searches (77 in Spain, 13 in Cyprus, and 1 in France)
• 23 arrests (20 in Spain, 2 in Slovenia, 1 in France)
• €8 million seized in cash
• €2 million frozen in bank accounts
• €27 million in cryptocurrency frozen

Authorities Involved

France:

• Marseille Judicial Court (JIRS)
• National Anti-Fraud Office (ONAF)

Spain:

• Investigating Judge no. 2 of El Prat de Llobregat
• Public Prosecution Office of Barcelona
• Guardia Civil (UCO, Threat Group)

Cyprus:

• Attorney General’s Office
• MOKAS (Anti-Money Laundering Unit)
• Criminal Investigation Department

Germany:

Customs Investigation Office, Munich

Public Prosecutor’s Office, Landshut