A massive money laundering network - possibly controlled by the Russian mafia - has been uncovered by Italian investigators, leading to 20 arrests in Italy, 13 in France, and 17 others in Austria, Switzerland, Monte Carlo, and Canada this week.
Speaking to reporters following the arrests, Francesco Gratteri, the head of the Italian police unit which led the 'Operation Spiderweb' swoop, revealed that in addition to the arrests, there are currently around 300 other searches taking place on an estimated 150 individuals and businesses thought to be involved. He also announced that luxury goods, real estate, and bank accounts worth 100 million euros (SFr147 million) had been seized by police in several locations throughout Europe.
According to reports, over half of those arrested this week were Russian nationals. It is thought that the network was being used to launder Russian funds from activities such as drug, people, and arms smuggling through European banks and companies. The laundered assets were then remitted back to Russia to buy goods such as furniture, clothing, and agricultural equipment, according to Italian investigators.
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