Italian police dismantle illicit bank used by drug traffickers as global broker
Clandestine operation run by Chinese national in Prato moved €80-100m a year through intermediaries
TL;DR
- An underground bank, managed by a Chinese national from Prato, has been dismantled by Italian police.
- The bank is believed to have moved several hundred million euros over at least three years, facilitating drug trafficking payments.
- It operated as a global broker, enabling secure, anonymous financial flows between Italy, Spain, France, Germany, Belgium, and the Netherlands.
- Clients included Albanian trafficking organizations and the Italian mafia, utilizing the 'flying money' system for drug-related payments.
- The operation also managed an illegal immigration network from China to Italy.
- 41 individuals were arrested in Italy and Spain on charges including criminal conspiracy, drug trafficking, money laundering, and aiding illegal immigration.
- The city of Prato, a Chinese community hub, has also been a site of conflict between rival Chinese mafia groups involved in various illicit activities and exploitation of workers.