Italy Dismantles Illicit Banking Network

Italian police have dismantled an illicit banking operation in Prato, Italy, on Monday, arresting 41 individuals across Italy and Spain. This network, operational since 2021 and run by a Chinese national, facilitated the movement of an estimated 80-100 million euros annually for organized crime groups, including drug traffickers, over at least three years.

The clandestine bank functioned as a global broker, providing secure and anonymous financial channels for large drug consignments. It enabled virtual capital transfers between Italy, Spain, France, Germany, Belgium, and the Netherlands through a network of intermediaries who received commissions. Clients included Albanian drug trafficking organizations and Italian mafia groups.

The operation also managed an illegal immigration network, transporting migrants from China to the European Union, primarily Italy, via Belgrade and Hungary. Migrants were charged up to 9,500 euros for passage to Italian cities like Prato, Turin, or Verona. Charges against the arrested individuals include criminal conspiracy, drug trafficking, money laundering, and aiding illegal immigration.