Europe plans to appoint a new person in charge of combating money laundering, including the criminal use of virtual currencies. Europe’s police intelligence agency is selecting Italian law enforcement officer Giuseppe López to head its financial crimes unit as the continent steps up its fight against illegal activity. beyond the border Money flows.
Italian Colonel Guardia di Finanza, who specializes in financial and economic crime, is expected to become head of Europol’s European Financial and Economic Crime Center (EFECC), sources said. The appointment has not yet been formally confirmed, although an official announcement could come as early as next month.
Increase in money laundering cases calls for the need for action by relevant authorities
Analysts are calling on Europe to strengthen its defenses against money laundering activities, saying incidents of cross-border fraud, organized crime and sanctions evasion are on the rise, exceeding the capacity of national enforcement agencies.
In addition, sources pointed out that prosecutors are facing the following problems: hardship When dealing with large amounts of cryptocurrencies used by criminal organizations to launder funds and other assets. An example of this scenario was recently highlighted when the United States successfully seized approximately $15 billion worth of Bitcoin after uncovering an alleged large-scale cyber fraud in Cambodia.
Meanwhile, regarding the appointment as director of Europol’s European Financial Crime Center, Europol representative Claire Georges sent an email stating that formal confirmation of the appointment has not yet been made.
In particular, EFECC’s role is to help member countries track financial trends and identify who is truly benefiting from them. funds and assist in seizing assets if money crosses borders.
Since its inception in 2020, EFECC has focused on coordinating complex international cases and assisting with domestic investigations where delays can occur at borders.
In April 2022, EFECC launched and launched “Operation Oscar”, which aims to track and seize assets of individuals and entities sanctioned in connection with Russia’s invasion of Ukraine.
According to previous reports, the project has successfully frozen and seized assets worth more than 2 billion euros (approximately $2.3 billion) in connection with the enforcement of these sanctions.
Meanwhile, Europol, located in the Netherlands, acts as the EU’s law enforcement agency. It also provides intelligence and operational support on organized crime, cybercrime and terrorism to police forces in 27 member countries. However, the report continues to highlight the increasing number of money laundering cases in the region.
US confirms largest forfeiture case in history
Last month, U.S. authorities indicted Cheng Ji, a Chinese-born Cambodian businessman and founder of multinational conglomerate Prince Holding Group, for carrying out a large-scale cyber fraud operation. Approximately $15 billion worth of Bitcoin was seized as a result, making it the largest confiscation to date.
The announcement came after federal prosecutors in Brooklyn, New York, charged the 38-year-old head of Prince Group with participating in a wire fraud conspiracy and managing a money laundering scheme.
His operations reportedly involved forced labor in Cambodia and emotionally manipulating thousands of victims in the United States and around the world. During this operation, they inflated the accounts of these victims and then drained them using a method known as “pig butchering.”
Criminals are increasingly using digital assets to hide their illegal proceeds, prompting a push to crack down on abuse and introduce stronger leadership. The rapid and cross-border nature of cryptocurrencies, combined with their anonymity, makes them an attractive option for laundering.
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