Italy Moves to Arrest 30 in Mafia-Linked Crypto Money-Laundering Case

Italian prosecutors target 30 people over hidden banking network

Italian authorities have moved to arrest 30 people accused of running an underground bank tied to the mafia. Milan prosecutors said Wednesday that the network transferred about €68 million abroad and used cryptocurrencies to launder illicit funds.

Italy's financial police uncovered the operation, according to the prosecutors. The network is said to have combined cash from drug trafficking, fraudulent corporate invoices and ordinary bank accounts to move money out of the country and into cryptocurrency wallets.

Key details from the case

• Around 30 people face arrest, according to Milan prosecutors.
• About €68 million was transferred abroad, the prosecutors said.
• Cryptocurrencies were used to launder illicit funds, they said.
• Investigators say the network drew on drug-trafficking cash, fake corporate invoices and regular bank accounts.

What is confirmed

Milan prosecutors announced the arrest effort on Wednesday. They also described the size of the transfers and the types of money flows involved. These details come from the prosecutors and Italy's financial police, which carried out the investigation.

What is still unclear

The source material does not name the people accused, identify the cryptocurrency wallets involved, or say which countries the money was sent to. It also does not state whether any of those accused have responded to the accusations.

Why it matters

The case is one example of how investigators say crypto can be used alongside traditional banking to move and hide money tied to crime. It also shows Italian authorities treating crypto-linked money laundering as part of organized crime investigations.

Sources

• Bloomberg Crypto

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