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COE: Europe needs effective implementation of standards to counter ML and terrorist financing

November 11, 2024

MONEYVAL’s latest report highlights progress in areas such as understanding ML risks and international cooperation, but major improvements are needed in financial sector supervision, private sector compliance, and asset confiscation. Despite strong legal frameworks, many countries struggle to prosecute and convict money laundering offenders…

Eurojust led operation seizes 2000 fake works of art with potential losses of EUR 200 million

November 11, 2024

The fake art recovered by the authorities included forged works by famous artists such as Banksy, Andy Warhol, Pablo Picasso, Joan Miró, Francis Bacon, Wassily Kandinsky, Gustav Klimt, Claude Monet, Vincent van Gogh and Salvador Dalí. Investigations into the fake works revealed a network of forgers in Spain, France and Belgium. Once the fake works of art were produced, the network would work with several complicit auction houses in Italy to sell the pieces.

Council of Europe holds seminar on current trends in the investigation of crypto-assets for ML/TF purposes

November 10, 2024

The seminar was convened with the aim of providing a platform for information-sharing and coordination between French competent authorities engaged in the regulation and supervision of crypto-asset service providers (CASPs), as well as in the investigation of money laundering and terrorist financing cases involving crypto-assets.

ICIJ reveals that French authorities seized an estimated $75m worth of French Riviera real estate and luxury cars as part of an investigation into alleged ML

November 7, 2024

Eight properties, including villas on the French Riviera, and two luxury cars were seized as part of a money laundering probe into suspect offshore lending companies…

Europol supports Albania and Italy in dismantling a vast criminal network of drug traffickers from South America

November 6, 2024

Law enforcement authorities in Albania and Italy have taken down a drug trafficking criminal network led by two Albanian brothers, believed to be responsible for organising drug shipments from South America to several EU Member States.

Europol supports French-led operation to dismantle large migrant smuggling and ML network, seizing over EUR11m in assets following financial investigation

October 28, 2024

The investigation focused on several interlinked criminal groups that were smuggling migrants from the Indian sub-continent (India, Sri Lanka and Nepal) to Europe, the UK and North America. The smugglers facilitated migrants’ travel to the EU via Dubai or different African countries using unlawfully obtained tourist, work or medical visas. Migrants would be charged between EUR 15 000 and EUR 26 000 per person for the full smuggling service…

Europol seizes over EUR 14m in counterfeit currency in operation targeting postal shipments

October 28, 2024

The vast majority of the seized items were altered-design banknotes, often referred to as ‘movie money’. These reproductions have a similar shape and colour to real banknotes, but include a small disclaimer indicating they are fakes. However, these disclaimers are often overlooked, allowing criminals to pass them off as genuine currency….

Europol and EUIPO jointly issues a strategic analysis report on ‘Uncovering the ecosystem of intellectual property crime – A focus on enablers and impact’

October 26, 2024

Details the criminal processes behind IP crime, examining factors enabling it and its connection to other organised crime. It also highlights the harmful effects on EU businesses and consumers.

EPPO uncovers Chinese underground banking network suspected of €113 million VAT fraud

October 23, 2024

EPPO in Bologna and Milan has dismantled a criminal gang accused of evading €113 million in VAT and ML through a Chinese underground banking network. Authorities conducted searches across 20 Italian cities and arrested seven suspects, including two alleged ringleaders, while five others were placed under house arrest. The investigation uncovered a complex international tax fraud scheme involving ghost companies that imported clothing…

Eurojust seizes over 6 million illegally exported pills in an international operation targeting a drug trafficking network

October 22, 2024

A criminal group operating an international smuggling route for prescription pills was dismantled during a major operation resulting in the arrest of 47 individuals and the seizure of over 6 million pills by Romanian, Estonian, Finnish, and Serbian authorities with support from Eurojust and Europol. The group sourced pills for treating anxiety, seizures, and insomnia from other criminal networks in Serbia, concealing them in tires, vehicles…

Eurojust assists German Authorities in dismantling a €300m large-scale online investment scam

October 22, 2024

The General Public Prosecution Office of Dresden and the Police Directorate of Chemnitz began investigating in June 2020 after online investors were drawn to professional-looking websites that promised high returns on minimal investments leading to approximately EUR 12 million in losses for around 120 German victims. A joint investigation team (JIT) was formed to improve collaboration between German and Serbian authorities resulting in…

EPPO obtains freezing order of €28.8m in probe into €40m VAT fraud

October 21, 2024

During the execution of the freezing order, the Italian Financial Police (Guardia di Finanza) froze €3.1 million in bank accounts of a company based in Reggio Emilia, which is believed to be the main beneficiary of the fraud. The search for other assets belonging to the two convicted individuals is still ongoing.

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