Editorial Staff of the Italian Anti-Money Laundering School

In an increasingly interconnected context between illicit finance and organised crime, the operation OP KARASU, supported by Europol, led to the dismantling of a vast parallel banking infrastructure outside the regulated circuit.

Sophisticated criminal finance

On January 14, 2025, in a coordinated action between Austria, Belgium and Spain, the police arrested 17 individuals — mainly of Chinese and Syrian origin — accused of providing illicit banking services to international criminal networks. The investigations started from the forensic study of the devices seized in previous operations against the migrant trafficking.

The network offered:

• Recycling services (hawala banking, crypto-cash exchange)
• Management of untraceable financial flows
• Cash collection and transportation
• Logistical assistance to other criminal networks, including drug traffickers

Illicit wealth, real assets

During the operation, the following were seized: assets worth over 4,5 million euros, Including:

• €206.000 in cash
• €421.000 in 77 current accounts
• €183.000 in cryptocurrencies
• 10 properties, 18 vehicles
• 4 hunting rifles, electronic devices and luxury goods

Authorities estimate that the network moved more than 21 million euro on behalf of Arabic-speaking and Chinese criminal groups, reaching customers also through social media.

The response of the banking system and specialist training

Operation OP KARASU demonstrates that criminal networks can evolve rapidly, exploiting vulnerabilities in financial and technological systems. To counter these threats, it is crucial to:

• Strengthen AML/CFT safeguards
• Investing in transactional tracking technologies
• Develop vertical expertise in the banking and legal sectors

La European School of Banking renews its commitment to training of aware, ethical and technically prepared professionalsAddressing financial crime means understanding the complexity of the phenomenon and responding with integrated skills across law, finance, and technology.

SOURCE:  https://www.europol.europa.eu/media-press/newsroom/news/17-providers-of-criminal-banking-services-arrested