Spanish police bust international gang thought to have laundered $200M

Spanish police bust international gang thought to have laundered $200M

Criminal network allegedly linked to Irish Kinahan cartel, vodka brand Nero

By Alyssa McMurtry

OVIEDO, Spain (AA) – Spanish police said on Thursday that they busted the largest known money laundering organization operating in the country, which is suspected of having laundered more than €200 million ($200 million) of illicit funds in little more than 18 months.

Police arrested three people in Spain and one in England after raiding 11 locations in both countries.

Spanish police said the main target of the arrests was considered a high value target by Europol and is linked to the notorious Irish Kinahan cartel.

Irish media have identified the man as Johnny Morrissey, who was sanctioned by the US Treasury in April for his involvement with the Irish cartel as an “enforcer,” money launderer and facilitator of drug shipments from South America.

“The Kinahan Organized Crime Group smuggles deadly narcotics, including cocaine, to Europe, and is a threat to the entire licit economy through its role in international money laundering,” Brian Nelson, US undersecretary for terrorism and financial intelligence, said when the sanctions were announced.

Five other police forces collaborated with the Spanish Civil Guard to make the arrests.

Spanish police said the organization was able to launder €350,000 per day for more than a year and a half.

The group allegedly used the luxury vodka brand Nero, promoted in venues across Costa del Sol, south of Spain, as a front to launder vast amounts of cash.

However, Spanish tax agency data revealed that the vodka company’s sales were not enough to “support the lifestyle of those detained,” according to the police statement.

Spanish police also said that the gang used a UK company owned by an entity registered in Gibraltar to launder capital coming in through Hawala.

Hawala is an ancient informal value transfer system that does not require the direct movement of money and instead draws on a network of unregistered money brokers.

Spanish police said that since there is no legal record of Hawala operations, it is popular with criminal organizations and terrorist groups around the world who want to hide illicit funds or send money to tax havens.

The Kinahan cartel is established in Ireland, the UK, Spain, and the United Arab Emirates, according to the US intelligence.

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