Italian police dismantle illicit bank used by drug traffickers as global broker
Italian police have dismantled an underground banking network operated by a Chinese national that facilitated money laundering for drug cartels and the mafia. The operation moved up to €100 million annually across Europe using a system known as 'flying money'.
Why it matters
This highlights the sophisticated methods organized crime groups use to bypass traditional financial regulations and launder illicit proceeds globally.
Police said they had arrested 41 individuals in Italy and Spain linked to the network, with charges ranging from criminal conspiracy and drug trafficking to money laundering and aiding and abetting illegal immigration. Photograph: Fabio Frustaci/EPA View image in fullscreen Police said they had arrested 41 individuals in Italy and Spain linked to the network, with charges ranging from criminal conspiracy and drug trafficking to money laundering and aiding and abetting illegal immigration. Photograph: Fabio Frustaci/EPA Italy Italian police dismantle illicit bank used by drug traffickers as global broker Clandestine operation run by Chinese national in Prato moved €80-100m a year through intermediaries
The report relies on official police statements and factual accounts of the criminal investigation.
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