Man arrested for underground banking with 45 million

NOS News•today, 2:51 PM

A man has been arrested in Rotterdam on suspicion of underground banking with a total of 45 million euros. He was arrested earlier this month, the Public Prosecution Service reports. His wife and a minor relative are also suspected of money laundering.

Authorities tracked down the 47-year-old man in an investigation into messages from the encrypted communications platform Sky ECC. It showed that a person was communicating with drug traffickers about money transfers. The suspect also received photos of consignments of drugs. That was in 2020 and 2021.

The man could then be linked to an investigation into a store in Rotterdam, where underground banking could be used. Two people were arrested for this earlier this month.

Mobile phones were also seized from the store. Messages from the 47-year-old Rotterdam resident and his wife were found on one of those phones. This included photos of banknotes and print screens of planned money transfers. According to the Public Prosecution Service, the money transfers continued after 2021.

Underground banking is a form of organized crime. In this way, criminal money is moved within a network of underground bankers and money brokers. For example, it could be cash that is converted into cryptocurrency.

In this way, large consignments of drugs can be paid, as well as corrupt customs officers or liquidators. Moreover, drug bosses can spend unprecedented amounts of money abroad by using an underground banking system.