Tax police in Italy have announced the arrest of 58 individuals suspected of money laundering, fraud and drug trade activities, allegedly supported by illicit currency brokers from China.
The arrests took place in Italy and Spain, with officials uncovering approximately 30 million tonnes of marijuana and hashish. Police said that around 42 million euros ($44.2 million) had also been moved among the Spanish and Italian nationals arrested, with the support of other individuals from Albania and China.
Related Session:
FinCrime Update: The Complex Web of Financial Crime in 2023
Wednesday 18th October 2023, 14:30 - 15:00pm BST
GRC Theatre
An official probe into the activity had initially honed in on Chinese individuals employing shadow banking services, with criminals gathering cash in Italy for transfer to Spain in exchange for a fee.
Money brokers are increasingly being brought in to mask cross-border payments made by drug cartels, Italian crime agencies say. The practice is similar to that employed by cartels in the US when they operate alongside crime syndicates from Central and South America.
Know the risks
As global authorities strive to clamp down on fraud, money laundering and other forms of financial crime, it’s never been more important for organisations of all sizes to understand risk, optimise financial management strategy and secure cyber defences.
The themes fall into focus at #RISK London this week, where experts will come together to discuss the FinCrime landscape and associated threats to business.
Don’t miss the following exclusive sessions:
Data and Financial Crime: The Impact of Emerging Technologies on Risk Management
Wednesday 18th October 2023, 12:15 - 13:00pm BST
GRC Theatre
The use of data and technology in detecting and preventing financial crime has become increasingly important in recent years. In this session, we explore the impact of emerging technologies on financial crime risk management and discuss the ways in which organisations can leverage data and technology to manage financial crime risk.
This session will help you gain a better understanding of the impact of emerging technologies on financial crime risk management; it will provide you with the knowledge and tools to integrate data and technology into your own organisation’s financial crime risk management strategies.
FinCrime Update: The Complex Web of Financial Crime in 2023
Wednesday 18th October 2023, 14:30 - 15:00pm BST
GRC Theatre
This session will bring together financial crime experts to give the outlook for FinCrime in 2023. Panellists will discuss sanctions, money-laundering risks, and the latest regulatory developments in this fast-developing field.
Attendees will gain actionable insights into the year’s biggest financial crime incidents, and will be in a position to proactively tackle emerging threats.
Book Your Place at #RISK London
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