A European Money-Laundering Network Captured by French National Gendarmerie
A money-laundering network in France was under investigation for 18 months by French National Granarmerie along with Europol to stop these criminal activities. Many raids were carried out, which resulted in 18 suspects being arrested. Along with these arrests, assets worth EUR 4 million were also seized. The network was involved in laundering EUR 90 million worth of money annually.
This criminal organization was involved in laundering money from France and Spain. The money was gotten through drug trafficking endeavors. Money was transferred from France to Morocco through Spain.
The regulatory bodies caught EUR 2.5 million in cash and several bank accounts that were used for illegal purposes.
Europol has started an initiative called EFECC Operation which is to fight against financial crime. This initiative is designed to fight financial crimes in cases like fraud, corruption, money laundering, counterfeiting, and tax refund fraud, etc. EFECC Operations are for European member states. It was created in June 2020 to provide the member states with a platform to be more secure and safe from criminal activities regarding money-laundering and other financial crimes. With Anti-money laundering solutions, these investigations would become a lot easier to carry.