Thursday, April 12, 2018

Europol Busts Cryptocurrency Drug Money Laundering Ring

Global law enforcement agencies and Europol have busted a criminal ring that used cryptocurrencies to launder drug money through a Finnish crypto exchange. The operation saw authorities from Finland, Spain, the US and Europol arrest 11. Drug money was laundered from Spain to Colombia using credit cards and several cryptocurrencies.
A total of 137 individuals were investigated. Drug money was split into small quantities and deposited as cash in bank accounts. Criminals then acquired credit cards linked to these bank accounts. A total of 174 bank accounts were used with deposits over $10 million in cash between them. The criminals had used an unnamed cryptocurrency exchange to convert their cash into bitcoins before subsequently converting them to Colombian pesos.