Operation Tulipan Blanca (White Tulip), coordinated by Europol and conducted by the Spanish Guardia Civil, has resulted in the arrest of 11 individuals for laundering more than EUR 8 mln via cryptocurrencies, according to a Europol press release April 9.
According to Europol, the investigation was centered around a crime ring which launders money from narcotics sales using credit cards and cryptocurrencies.
Launderers would pick up the illicit funds in cash, after which they would deposit them in small amounts into hundreds of third bank accounts. Since the cash was already circulating in the financial system, the ring just needed to transfer the illicit funds back to the drug dealers in Colombia. The criminals would then acquire credit cards linked with the accounts, and travel to Colombia where they would make withdrawals.
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https://cointelegraph.com/news/spanish-authorities-arrest-11-in-crypto-money-laundering-ring