Law enforcement institutions in Latvia, Germany, France, Italy and Malta performed more than 100 searches in a massive operation aimed against a Russian-Eurasian criminal group and a Malta-based financial institution that was likely providing money laundering services to this group, according to the statement from Latvian prosecution office and State Police.
A total of four suspects were apprehended in the operation that involved Eurojust and Europol.
In Latvia alone searches were performed in more than 50 locations. Three persons were detained in this country. Potential suspects and witnesses were interrogated in Latvia, Germany, Estonia and Malta.
More than 46 police officers were involved in searches. When planning this massive operations, Germany sent four specialists to Latvia and Malta to assist with the investigation. Multiple bank accounts and pieces of real estate have been arrest as well.
Estimates indicate that the Malta-based financial institution in question has laundered at least EUR 4.5 billion from criminal activities since the end of 2015.
Still, the total amount of money could exceed EUR 12 billion. The suspected financial institution provided money laundering services using so-called shell companies and a network of private persons registered as directors of those companies but weren’t doing any actual work.
The criminal group operated mainly from Riga and Berlin. The investigation was commenced by Latvian authorities in 2021 after noticing suspicious money transfers from Latvia to some financial institution in Malta. At the same time, German authorities were working on a parallel investigation of suspicious flow of money associated with the same financial institution.
Eurojust later formed a joint coordination centre and an investigation group between German and Latvian institutions. Eurojust also organised special coordination meetings to prepare for the massive searches across all involved countries.
In turn, Europol provided a money laundering expert to Latvia for the duration of the operation and he established a mobile office at the Eurojust Coordination Centre, providing operational and financial analysis, as well as operational expertise.
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