ITALIAN POLICE ARREST 12, MONITOR 69 OTHERS, IN MONEY LAUNDERING CASE WITH MALTA CONNECTION

The Malta Independent on 14th March reported that 12 suspects have been detained in Italy by the Carabinieri as part of Operation Black Money for allegedly laundering a total of €75 million – €38 million of which allegedly passed through a number of countries including Malta.  Investigators were able to establish that 6 co-operatives registered in Milan were using a complex mechanism of false invoices with the complicity of fictitious companies.  They reportedly worked with fictitious companies called “paper mills” – they exist only on paper, without an office, headed by a single nominee – which then issued high-cost invoices which were used to obtain tax refunds and compensation for social security contributions.

http://www.independent.com.mt/articles/2019-03-14/local-news/Italian-police-arrest-12-keep-tabs-on-69-others-in-money-laundering-case-with-Malta-connection-6736205098

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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