A Maltese financial institution laundered at least €4.5 million in proceeds from criminal activities since the end of 2015, a pan-European police investigation has concluded.

“The total sum of laundered money could amount to tens of millions of euros,” Eurojust, the European Union Agency for Criminal Justice Cooperation, said on Wednesday.

The unnamed firm was searched by police officers assisted by German counterparts, as part of a massive police operation involving more than 100 searches across five countries. 

National authorities in Latvia, Germany, France, Italy and Malta carried out more than 100 searches in a large-scale operation against a Russian-Eurasian criminal network and a Maltese-based financial institution allegedly involved in money-laundering services. Estonia was also involved.

Four suspects were detained during an action day supported by Eurojust and Europol. Potential suspects and witnesses were also interviewed in Latvia, Germany, Estonia and Malta.

More than 460 police officers were deployed to carry out the searches with Germany also deploying four officers to support the investigations and searches in Latvia and Malta. In addition to the arrests, various bank accounts and properties were seized.

How the operation worked

Eurojust said that the Maltese financial institution and the organised crime group behind it offered money-laundering services via a network of fake enterprises and individuals who were registered directors, without performing any real business activities.

The organised crime group operated mainly from Riga and Berlin.

Investigations were initiated in 2021 by the Latvian authorities after they noticed unusual money transfers from Latvia to the Maltese financial institution. 

Simultaneously, the German authorities started investigations into suspicious money flows involving the same financial institution.

Eurojust said it supported the concerted action by setting up a coordination centre and establishing and funding a joint investigation team between the German and Latvian authorities.

The agency also organised five dedicated coordination meetings to prepare for the action day and assisted with the execution of European Investigation Orders in the countries involved.

On Wednesday, Europol deployed a money laundering expert to Latvia and set up a mobile office at Eurojust’s coordination centre to support the operation. 

Since December 2021, Europol has been supporting the investigation by providing operational and financial analysis and operational expertise. The agency also supported the joint investigation team and provided financial support to the case.

Wednesday’s operations were carried out by the following authorities:

• Latvia: Rīga Northern Prosecution Office; Rīga Judicial Region Prosecution Office; 1st Unit of the Economic Crime Enforcement Department of the Central Criminal Police Department of the State Police;
• Germany: Public Prosecutor‘s Office Berlin (Staatsanwaltschaft Berlin); State Office of Criminal Investigations Berlin (Landeskriminalamt Berlin);
• Estonia: Office of the Prosecutor General of the Republic of Estonia and Estonian Police and Border Guard Board;
• France: Public Prosecutor’s Office and Investigative Judge – Judicial Court of Nice; National Police (DIPN) Alpes-Maritimes Division (Judicial Police Nice; Research and Intervention Brigade; Financial Brigade) - Border Police;
• Italy: Public Prosecutor’s Office Rome; Guardia di Finanza, Financial Police Unit Rome (Nucleo Polizia Economica e Finanziaria di Roma)
• Malta: Financial Crimes Investigations Department and Asset Recovery Bureau