Underground banking system: Spanish authorities break into narco bank

Over EUR 4 million in cash seized from criminal network providing illicit financial services, according to Europol.

A massive international organised crime ring has been broken up in a joint operation between the Spanish Civil Guard (Guardia Civil) and the German Criminal Bureau (Landeskriminalamt) of Hamburg. The disrupted criminal network provided financial services to various criminal organisations mainly linked to drug trafficking.

Clandestine banking system with large amounts of cash

The modus operandi used by the criminal network consisted in moving large amounts of cash via a sophisticated underground banking system. Organised crime groups could make payments, receive funds and even have their proceeds laundered by this internationally structured financial network. 

Individuals involved in the network picked up physical cash directly from criminal organisations. These large amounts of cash were transported in vehicles equipped with hidden compartments and fed into a common cash pool, which was dispersed across various international locations. Other criminal organisations could use these funds to finance their criminal activities or to provide cross-border payments. 

The illicit financing system was largely based on money generated in the illegal drug trade, with one part of the organisation sending up to 200 kilos of hashish and cannabis a week from Spain to other parts of Europe.