ITALY SAYS IT HAS BUSTED CHINA MONEY LAUNDERING, EUROPEAN METALS SCAM

On 16 June, Yahoo News reported that Italian police said that they had broken up a complex money laundering operation and an illegal metal recycling business that had enabled criminals to transfer huge amounts of illicit cash between Italy and China.  The 3-year investigation, coordinated by the anti-mafia prosecutor’s office in the city of Trieste, showed the enormous lengths gangs were having to go to in order to clean ill-gotten gains, police said.  The case unveiled a network of companies that between 2013 and 2021 sold around 150,000 tonnes of scrap metal, including copper, brass and aluminium, that came from various sources, circumventing environmental norms and evading taxes on deals estimated to be worth some €300 million.

https://uk.news.yahoo.com/italy-says-busts-china-money-171654276.html

https://www.scmp.com/news/world/europe/article/3137574/italy-says-it-has-broken-china-money-laundering-operation-and

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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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