EUR 2.7 million seized in European operation against money laundering and cash smuggling

From 12 to 24 November, Europol supported Customs authorities from 23 EU Member States in a large operation against money laundering, transnational criminal activities and terrorism financing.

The operation resulted in over 500 cash movement checks and the subsequent detection of illicit cash flows of almost EUR 2.7 million in cash. This amount is likely to increase in the upcoming months as many discoveries are currently being prosecuted. In addition to cash, authorities also seized valuable items such as gold and jewellery, including 18 gold bars with a value exceeding EUR 1,7 million.

The joint action was aimed at identifying cash smuggling in EU territory. It was led by French Customs and also involved the European Anti-Fraud Office (OLAF). Throughout the two-week-long action, authorities searched over 300 passengers at airports, ports, train stations and borders of EU countries, and inspected several postal purchases.

Europol’s role in combatting money laundering

Europol’s European Financial and Economic Crime Centre (EFECC) played a crucial role in this major operation by providing essential operational support to the authorities involved. Throughout the action weeks, two financial analysts and a money laundering specialist supported national authorities by cross-checking and validating information.

Close cooperation with Customs agencies was key in this operation, as it constituted a powerful strategy for combatting transnational criminal threats and money laundering. By pooling resources, expertise and intelligence, authorities can effectively disrupt illicit financial flows and dismantle criminal networks operating across the EU.

Enhancing the EU’s interoperability

Europol has established itself as the EU criminal information hub and is enhancing the value of its network by providing Member States with access to a growing number of partners and sources of information. In this regard, the Agency is further evolving from collecting to connecting information. This money-laundering case is a good example of its evolution.

Europol is also working with relevant EU agencies, the European Commission and the Member States to implement its roadmaps related to travel intelligence and to EU systems interoperability.

Participating countries

Authorities from the following countries took part in this operation: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Finland, France, Germany, Greece, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Romania, Slovak Republic, Slovenia, Spain and Sweden.

Article Credit: https://www.europol.europa.eu/media-press/newsroom/news/eur-27-million-seized-in-european-operation-against-money-laundering-and-cash-smuggling