A joint operation between global law enforcement agencies and Europol has put an end to a criminal ring that used cryptocurrencies including bitcoin to launder drug money through a Finnish crypto exchange.
The operation, dubbed Tulipan Blanca, saw authorities from Finland, Spain, the United States and Europol arrest 11 individuals related to an organized crime ring that saw drug money laundered from Spain to Colombia using credit cards and several cryptocurrencies, a statement revealed.
A total of 137 individuals were investigated in the criminal ring wherein, initially, drug money was split into small quantities deposited as cash in hundreds of bank accounts. Criminals then acquired credit cards linked to these bank accounts before traveling to Colombia with to make cash withdrawals from the bank accounts using those cards.
A total of 174 bank accounts were used, the investigation revealed, with deposits over €8 million in cash between them. It wasn’t long before the criminals turned to cryptocurrencies, according to the statement.
Read the original article here: ccn.com
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