‘Pioneering’ Enforcement Action Links Cards And Crypto To Money Laundering

European enforcement agencies have found fresh links between payment cards, cryptocurrencies and organised crime, dismantling a group involved in laundering the proceeds of illicit drug sales.

Europol and the Spanish national police each announced on Monday that 11 members of an organised criminal group operating in Spain and Colombia had been arrested, with investigations opened into the activity of another 137 individuals.

Spanish officials said the gang’s main method of laundering money gleaned from narcotics sales was “the use of credit cards and the purchase and sale of cryptocurrencies”, which allowed more than €8m to enter the formal financial system.

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