Maltese financial institution suspected of laundering tens of millions for Russian criminals

By ALISHA HOULIHAN for AML Intelligence

A Maltese financial institution was today at the centre of a massive international money laundering investigation involving Russian criminals.

The financial institution is suspected of laundering tens of millions of euros. At the moment detectives in five countries are tracing at least €4.5M in laundered cash.

Investigators in France, Germany, Italy, Latvia, and Malta raided more than 100 addresses as part of the operation targeting a Russian-Eurasian criminal network and the Maltese-based financial institution suspected of providing money laundering services.

In addition to the arrests, various bank accounts and properties were seized.

“The total sum of laundered money could amount to tens of millions of euros,” the EU Agency for Criminal Justice Cooperation (Eurojust), said on Wednesday.

The unnamed firm was searched by police officers assisted by German counterparts, as part of the massive police operation across the five countries.?

Four suspects were detained during an action day supported by Eurojust and Europol. Potential suspects and witnesses were also interviewed in Latvia, Germany, Estonia and Malta.

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In a statement, Europol said that “over 460 police officers were deployed to carry out the searches.”

“The Maltese financial institution laundered €4.5M in proceedings from criminal activities since the end of 2015. The total sum of laundered money could amount to tens of millions of euros,” the EU police agency based in the Hague added.

Police said the financial institution and organised crime group (OCG) offered money-laundering services via a network of fake enterprises and individuals who were registered directors, without performing any real business activities.?

“The OCG operated mainly from Riga and Berlin. Investigations were initiated in 2021 by the Latvian authorities after they noticed unusual money transfers from Latvia to the Maltese financial institution.”

According to reports, German authorities had started investigations into suspicious money flows involving the same financial institution.

Investigations were initiated in 2021 by the Latvian authorities after they noticed unusual money transfers from Latvia to the Maltese financial institution.?

Simultaneously, the German authorities started investigations into suspicious money flows involving the same financial institution.

Europol deployed a money laundering expert to Latvia and set up a mobile office at Eurojust’s coordination centre to support the operation.

On Wednesday, Europol deployed a money laundering expert to Latvia and set up a mobile office at Eurojust’s coordination centre to support the operation.?

Eurojust said it supported the concerted action at the coordination centre and also established and funded a joint investigation team between the German and Latvian authorities.

The agency also organised five dedicated coordination meetings to prepare for the action day and assisted with the execution of European Investigation Orders in the countries involved.

Since December 2021, Europol has been supporting the investigation by providing operational and financial analysis and operational expertise. The agency also supported the joint investigation team and provided financial support to the case.

Wednesday’s operations were carried out by the following authorities:

• Latvia: Rīga Northern Prosecution Office; Rīga Judicial Region Prosecution Office; 1st Unit of the Economic Crime Enforcement Department of the Central Criminal Police Department of the State Police;
• Germany: Public Prosecutor‘s Office Berlin (Staatsanwaltschaft Berlin); State Office of Criminal Investigations Berlin (Landeskriminalamt Berlin);
• Estonia: Office of the Prosecutor General of the Republic of Estonia and Estonian Police and Border Guard Board;
• France: Public Prosecutor’s Office and Investigative Judge – Judicial Court of Nice; National Police (DIPN) Alpes-Maritimes Division (Judicial Police Nice; Research and Intervention Brigade; Financial Brigade) – Border Police;
• Italy: Public Prosecutor’s Office Rome; Guardia di Finanza, Financial Police Unit Rome (Nucleo Polizia Economica e Finanziaria di Roma)
• Malta: Financial Crimes Investigations Department and Asset Recovery Bureau of the Malta Police

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