By Dan Byrne for AMLi
THE SCALE OF money laundering in the European Union is larger than previously thought, with criminals managing to move billions of euro in fraudulent profits annually, new figures reveal.
Every four years, Europol publishes a European Union (EU) Serious and Organised Crime Threat Assessment (SOCTA).
The latest version, released today, carries a stark warning that, “serious and organised crime has never posed as high a threat to the EU and its citizens as it does today.”
In addition, “the scale and complexity of money laundering activities in the EU have previously been underestimated,” the report says.
“Professional money launderers have established a parallel underground financial system and use any means to infiltrate and undermine Europe’s economies and societies.”
Figures from the report reveal that 68% of criminal networks use “basic money laundering methods” to hide billions of euro worth of profits, with investments in property or other high-value goods receiving particular mention.
The report describes laundering itself as an “essential component of the vast majority of criminal operations.”
Meanwhile, other key figures have shown that 60% of criminal networks engage in corruption, while the same amount use violence “to any extent” to support their work.
65% of networks are made up of members from multiple nations, and 70% are routinely active in more than three countries at once.
Europol’s executive director Catherine De Bolle has welcomed the publication of this latest report, but she stressed that the results re-affirm the strength of the threat the EU faces.
“The intelligence picture and assessment presented in the SOCTA 2021 is a stark reminder of the dynamic and adaptable adversary we face in serious and organised crime in the EU,” she said in a statement Monday afternoon.
The report also warned that the fallout from COVID-19 threatens to create “ideal conditions” for organised crime to spread further and carry stronger impacts in future.
Criminals tend to thrive on their ability to adapt quickly to sudden changes in society – with the pandemic has inevitably brought, it noted.
“Organised crime groups are professional and highly adaptable as shown during the COVID-19 pandemic,” said European Commissioner for Home Affairs Ylva Johansson.
“We must support law enforcement to keep up, offline and online, to follow the digital trail of criminals.”
Share this on:
Follow us on:
We hope you enjoyed reading this article
If you would like unlimited access to AML Intelligence premium articles, newsletter delivered twice a week, access to our Global Bank Fines and Penalties database, free access to Boardroom Series events and much more, select one of our subscription options and become a subscriber!
