Spanish police dismantled the group believed to be running Europe’s biggest 'narco-bank,' Europol says
foxnews.comThe European Union police agency Europol said Friday that Spanish police have dismantled an organized crime group believed to have been running Europe’s biggest "narco-bank," used to launder proceeds from international drug trafficking.
Europol said the group, composed mainly of Syrians, operated out of a restaurant in an industrial park in the central Spanish town of Fuenlabrada.There, customers could deposit or collect bulk cash and have their earnings laundered by the internationally structured financial network, Europol said.
Europol said the group provided financial services to crime gangs linked to drug trafficking in more than twenty countries across the world.
Spanish police say it is believed to have laundered over $290 million each year since 2020. The group used the so-called "hawala" system popular with criminal gangs and others to move large amounts of money without wire or other records.
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