- The Spanish police have arrested a prominent drug dealer originally from Colombia representing the Cali cartel in Europe.
- Authorities have seized 85,000 euros in cash, 15 credit cards with access to cryptocurrencies, and other luxury items.
In a joint operation with the Netherlands’ police, the Spanish national police have arrested a historic member of the Cali cartel in Malaga. He was the number one associate in the INTERPOL list for years.
It is estimated that he moved more than six million euros (more than seven million dollars) in cryptocurrencies from drug-dealing money. The investigation started in 2018 and has finally ended with the criminal’s arrest and seizure of the capital.
Money laundering through cryptocurrencies still considered a threat
Although the Spanish police seized luxury watches, cars, and 85,000 euros in cash, the most considerable sum of money seems to be in cryptocurrencies. More than six million euros were moved through several cryptocurrencies to avoid authorities.
In the Netherlands, police seized around 170,000 dollars in cryptocurrencies and a lot of technical material, including various cryptocurrency wallets that were encrypted.
Despite the numerous news and articles about cryptocurrency laundering, it seems that criminals continue favoring fiat over digital assets. Tyler Winklevoss, co-founder and CEO of Gemini, has stated numerous times that money laundering through crypto is comparatively smaller than fiat laundering.
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