MONEY LAUNDERING IS USED BY NEARLY 70% OF CRIMINAL GROUPS IN EU: EUROPOL

Tue 12 September 2023:

Numerous forms of money laundering are used by nearly 70 percent of criminal networks operating there to fund their activities and conceal their assets. In its first-ever report on financial and economic crimes in the Union, Europol announced this on Monday.

In order to finance their illegal operations, criminals are using the connected world to their advantage, according to study from the EU’s law enforcement agency.

The primary conclusions of the 57-page research from Europol include that more than 60% of the criminal networks operating in the EU use corrupt methods to promote their illegal goals.

It added that 80% of the criminal networks active in the EU misuse legal business structures for criminal activities.

“Organized crime has built a parallel global criminal economy around money laundering, illicit financial transfers and corruption. With modern technology, they have diversified their modi operandi to evade detection,” said Catherine De Bolle, Europol’s executive director, in a statement.

She added that the report serves “as a roadmap to foster cooperation that will derail the world of criminal finances, intercept illicit profits, and-above all else-make Europe safer.”

Asset recovery is one of the most effective strategies to combat financial crime, yet according to Europol, police only seize 2% of the estimated annual income of organized criminal groups in the EU.

The report is based on operational insights and strategic intelligence that EU member states and Europol’s partners provided to the agency.

It examines all financial and economic crimes that affect the EU, including money laundering, corruption, fraud, theft of intellectual property, and forging of goods and money.

The report highlighted that the criminal landscape in the area is fragmented, with players often based outside of the bloc.

It also warned that the techniques and tools used by the criminals advance quickly, benefiting from technological advances or taking advantage of geopolitical developments.

“This report sets out the increasingly sophisticated methods of organized crime and the European law enforcement successes in fighting back. If EU member states work together even closer on this fight, we can achieve great results,” said Ylva Johansson, European commissioner for home affairs.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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