The Daily Delta - Canadian AML & Financial Crime News
September 09, 2026
Featured
Europol
Europol says an investigation that began with the seizure of 1,835 kilograms of cocaine off Spain in 2021 ultimately exposed a major underground banking network used to finance drug shipments and launder criminal proceeds for organized crime groups internationally. Operation DRAKKAR has resulted in 21 arrests across Spain, the UAE, Egypt and the Netherlands, including a Europol High Value Target linked to the so-called “Dubai Bank,” and authorities have identified, seized or frozen approximately €20 million in assets. Investigators say the network could make large sums available across borders without physically moving the money, instead settling through brokers, trade transactions, companies, cash pooling and other assets, while using identifiers such as banknote serial numbers to authenticate cash handoffs. The case also led investigators to a second 1,650-kilogram cocaine cache that members of the network are suspected of recovering from the sunken vessel after the initial seizure.
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