Spanish and French police dismantle Chinese money laundering network
The Spanish and French police have, according to their own statements, dismantled a money laundering network run by Chinese individuals. The band was capable of smuggling more than one million Euros every day across Europe, the investigators announced on a Friday. Five suspects were arrested in Spain, among them the alleged head of the network.
The investigators stumbled upon the network when a French customs officer discovered over 500,000 Euros in a hiding place in a vehicle near Perpignan, southern France, in February 2021. Besides the French and Spanish police, the French fraud prevention agency and Europol were also involved in the investigation.
The money launderers had been active in all EU countries since at least 2019, the investigators found out. The network, which consisted of Chinese nationals with residences in several European countries, had smuggelled cash throughout Europe.
The money, which reportedly originated from illegal trading, tax and customs fraud, and human trafficking, was allegedly picked up at one of numerous collection points and then transported across Europe by intermediaries via land or air.
The five suspects were arrested in Madrid, Valencia, Alicante, and Barcelona, according to the investigators. At the time of the arrests, the investigators did not make any statements. During the raids, over 167,000 Euros in cash were discovered and seized with the help of tracking dogs.
- Furthermore, it was revealed that the money laundering network had connections in various EU countries, with French and British authorities also under investigation.
- The European Union has expressed its concern about the scale of the money laundering activity, with EU commissioners calling for stricter anti-money laundering measures across all member states.
- In an attempt to combat this issue, the police forces of EU countries have agreed to collaborate more closely and share intelligence to dismantle similar money laundering networks in the future.
