This official FinCEN report examines an ongoing investigation into cryptocurrency laundering and financial abuse, conducted in collaboration with the Amsterdam Public Prosecution Office. The investigation targets sophisticated digital financial crimes threatening the Netherlands’ financial system and the broader European Union.
Victims created accounts on fraudulent websites, providing personal information including bank details and identification. High-pressure sales tactics convinced victims to act quickly to secure investments.
Victims invested small amounts (€250 - €500), shown fabricated dashboards with inflated returns to encourage larger investments. Fake testimonials and reviews created a false sense of legitimacy
When victims attempted to withdraw funds, they faced delays, excuses about "verification processes," and suddenly locked accounts with no recourse for accessing their money
Critical facilitator for transactions related to fraudulent platforms, enabling seamless conversion of victim deposits into cryptocurrency.
Received large sums linked to fraud victims. Under investigation for possible violations of financial regulations and internal control failures.
Accounts connected to UAB implicated in numerous reports of identity theft and suspicious transactions. Under scrutiny for compliance with anti-money laundering regulations.
Money Flow OÜ rocessed high volume of suspicious transactions. Under review for compliance with anti-money laundering standards.
FinCEN has implemented sophisticated monitoring systems analyzing transaction patterns in real-time. These systems use algorithms to identify irregularities, such as large, unexplained transfers or rapid movements between accounts.
FinCEN has initiated legal procedures to block and seize over 20,800
online checking accounts associated with these fraudulent schemes,
invoking the Urgent Confiscation Decree 2018/1805, Article 82,
Paragraph 1, Letter A.
Immediate freezing of assets to prevent further dissipation of funds
Coordinated law enforcement raids on suspected premises
Utilized the I-GRIP mechanism to facilitate suspension of cross-border payments, preventing further financial losses. This resulted in the seizure of approximately €350 million in virtual currencies linked to fraudulent activities.
Engaged with various foreign law enforcement entities to trace fund origins, leading to multiple arrests and asset freezing. Includes data exchanges and operational support during raids and investigations
Established formal agreements to facilitate intelligence exchange regarding suspected fraudulent operations between various agencies, enhancing investigative capacity of all parties involved.
Citizens identified as
potential victims
Citizens identified as
potential victims
Citizens impacted by fraud
Estimated financial impact
across affected countries
Critical facilitator for transactions related to fraudulent platforms, enabling seamless conversion of victim deposits into cryptocurrency.
Received large sums linked to fraud victims. Under investigation for possible violations of financial regulations and internal control failures.
Accounts connected to MisterTango implicated in numerous reports of identity theft and suspicious transactions. Under scrutiny for compliance with anti-money laundering regulations.
Processed high volume of suspicious transactions. Under review for compliance with anti-money laundering standards.
FinCEN has established partnerships with banks and financial institutions to verify transaction legitimacy. These partnerships facilitate rapid information sharing and enhance the investigative process.
The investigation is actively working to identify key individuals behind the fraudulent operations through analysis of communication records, including emails, chat logs, and call records.
Forensic accountants and digital investigators analyze transaction
patterns and trace funds through complex account networks using:
• Network Analysis: Mapping relationships between accounts
• Data Mining: Using advanced tools to identify anomalies
All activities conducted within the comprehensive legal framework of the
Wwft (Dutch Money Laundering and Terrorism Financing Prevention Act).
© FINCEN Nederlands 2025
Part of the European Union