In brief
- European authorities dismantled a clandestine banking network that laundered over $23 million using cryptocurrency, arresting 17 individuals across Spain, Austria, and Belgium.
- The criminal operation involved parallel banking services, illegal hawala banking, and cryptocurrency exchanges, with Chinese nationals managing cash collection in Spain and Arab nationals handling international transfers.
- Authorities seized approximately $229,600 in cash, $204,960 in cryptocurrency, luxury vehicles, properties, cigars, and handbags with a combined worth of over $3.5 million.
European authorities dismantled a clandestine banking network that laundered more than $23 million (€21 million) using crypto siphoned from organized crime groups…
Jun 29 2025
