Europol Agency Has Apprehend Drug traffickers Which launders More Than €8 million Through Cryptocurrency
A criminal network that used cryptocurrencies and credit cards to launder money from drug trafficking has been neutralized with 11 people arrested and 137 suspects, the EU police agency Europol said on Monday.
Drug traffickers contacted criminals based in Spain to launder money obtained from their illegal activities. They collected illicit proceeds in cash, which were then divided into small amounts to be deposited in hundreds of bank accounts, a criminal method known as smurfing.
As cash already circulated in the financial system, the ring only needed to transfer the money to drug traffickers in Colombia. Certain criminals then traveled to Colombia with credit cards and made several cash withdrawals from bank accounts.
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