Recent actions taken by international law enforcement have led to the dismantling of a clandestine financial operation that managed at least €21 million. As of January 14, 2025, coordinated raids across Austria, Belgium, and Spain resulted in the arrest of 17 individuals.

The arrests included 15 people detained in Spain, one each in Austria and Belgium. The majority of those apprehended are believed to have connections to Chinese and Syrian communities and are facing allegations of facilitating financial transfers for smugglers as well as drug trafficking networks throughout Europe.

Joint Operation Exposes Criminal Financial Web

Investigative efforts showcased that this operation stemmed from earlier investigations conducted on July 4, 2023, and August 13, 2023, which focused on human trafficking networks. Evidence gathered from mobile data pointed law enforcement towards this hidden banking structure. The simultaneous strike across three nations effectively disrupted a significant method utilized by organized crime to launder money.

17 providers of criminal banking services arrested with criminal assets worth EUR 4.5 million seized in Europol-supported operation.

Read more in our press release pic.twitter.com/HZvGMyeDqY

— Europol (@Europol) May 14, 2025

Financial Services for Illicit Operations

Reports indicate that the network was organized into two primary sectors. One sector primarily serviced Arabic-speaking groups linked to smuggling activities, whereas the other focused on Chinese networks involved in narcotics and human exploitation.

The range of illicit financial services offered included informal ‘hawala’ transactions, cash collection, fund concealment in bank accounts, and cryptocurrency exchanges for euros. Interestingly, this criminal group actively advertised their offerings on social media, broadening their reach to potential clients worldwide.

Seized Assets During Law Enforcement Action

Authorities have successfully confiscated over €4.5 million in assets during these raids. This included €206,000 in cash, €421,000 across 77 bank accounts, and approximately €183,000 in cryptocurrency.

Add to that, investigators seized 10 properties valued at over €2.5 million and 18 vehicles totaling more than €207,000. Additionally, several firearms, luxury watches, high-end jewelry, and various electronic devices were collected for further investigation.

Collaboration with Regional Authorities

Europol’s involvement extended beyond intelligence sharing; it funded the travel of three Spanish investigators to Belgium and Austria and dispatched financial crime experts to enhance local law enforcement capabilities. By having these specialists on-site, Europol aided national teams to act efficiently and share real-time expertise.

This operation underlines how contemporary illegal networks intertwine traditional cash movements with modern technology. Utilizing both informal transfer methods and digital wallets, these groups spread across borders to ensure resilience against law enforcement actions.

Tracing every euro or bitcoin requires delving into various avenues such as real estate transactions, online marketplaces, and encrypted communications, operating beyond mere banking records. In the immediate future, authorities will pursue charges against the 17 detained suspects while striving to recover additional assets linked to the broader operation.

Featured image from Kenzo Tribouillard/AFP via Getty Images, chart from TradingView