Edited by Sergio Silvestri

In Italy, Latvia, and Lithuania, law enforcement and judicial authorities have launched a joint operation aimed at dismantling a vast money laundering network involving a Lithuanian financial institution. Since 2017, an estimated €2 billion has been laundered through an elaborate network of shell companies by two major individuals, now arrested, who offered money laundering services via the internet to a vast network of criminals across Europe.

Another key suspect, linked to a different criminal group, was captured for embezzling €15 million in Italian public funds, using the same network to launder the money. The complex operation involved approximately 250 law enforcement officers from across Europe, culminating in the arrest of 18 people, including the trio of key suspects, the seizure of 55 websites, and the freezing of €11,5 million in assets. Eurojust and Europol were instrumental in coordinating the operation.

Founded in 2016 in Lithuania by an Italian-based criminal organization, the Lithuanian Financial Institution attracted thousands of criminals across the EU and conducted fictitious transactions through a network of front companies, promoting its services online. Led by two key individuals residing in Lithuania and Latvia, the group was involved in laundering money from various illicit activities, such as tax evasion and drug trafficking, reinvesting it in real estate and luxury goods.

The €15 million laundered in Italy included public funds fraudulently obtained through bonuses for uncompleted renovation work, a scam orchestrated by a tax consultant involving 72 accomplices. Investigations began in 2021 and led to the closure of the Lithuanian Payment Institute in 2022, with the revocation of its banking license for violations of anti-money laundering regulations.

Eurojust and Europol played a key role in organizing and coordinating the international response, demonstrating how cooperation between countries can deliver tangible results in the fight against organized crime and money laundering.

Through intensive, long-term cooperation and the adoption of a "follow the money" approach, the EU is demonstrating that it is possible to effectively counter transnational criminal threats and disrupt illicit financial flows. This operation sends a clear message that unity and cross-border cooperation are powerful weapons against organized crime and money laundering.

SOURCE: europol.europa.eu