By Dan Byrne for AMLi
FIFTEEN PEOPLE have been arrested in Malta as part of a crackdown against an extensive money laundering scheme.
The arrests were made following months of intense investigations by the anti-money laundering section within Malta’s Financial Crime Investigations Department, according to a statement from Europol Friday.
Five of those arrested have already been charged with various financial crime-related offences, in what authorities have described as a “sophisticated case of money laundering.”
Meanwhile, a number of assets have been seized including 36 vehicles, €60,000 in cash, jewellery, phones and computers. Several million euro in suspected dirty money has been frozen.
The Malta-based taskforce responsible for the bulk of the investigation – dubbed ‘Operation Proteus’ – was assisted by two Europol-trained exerts during a week of intensive action in the tiny Mediterranean island country.
While giving no details as to what the laundered money was intended for, or the relationship between the individuals arrested, Europol did describe the case as an example of “sophisticated money laundering and fraud that targets individuals, companies and the public sector.”
“These kinds of cases continue to threaten economic growth and the integrity of financial systems,” their statement read.
A majority of lawmakers in Brussels are continuing to push for tighter controls to prevent money laundering, and for tougher action on criminals. Despite this, criminals themselves are still able to keep 98% of their laundered profits, according to Europol statistics.
These alarmingly high numbers were a factor behind the launch of the organisation’s European Financial and Economic Crime Centre in June of this year.
The EFECC intends to act as an “operation platform” to support exchange of information amongst authorities of different members states as they investigate suspected financial crime.
The EFECC are continuing to support Maltese authorities as they investigate the ‘Operation Proteus’ case.
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