Northern Ireland: Seven arrested in £215-million money laundering investigation
22 Jan 2020

Seven people have been arrested following a major police operation against money laundering in Northern Ireland.

A senior detective has described it as “one of the most significant live investigations into money laundering in the UK” involving £215 million.

Six men and one woman were detained after 15 searches at locations across Northern Ireland on Monday and Tuesday.

Four of the men have been released on bail.

Police Service of Northern Ireland (PSNI) Chief Constable Simon Byrne congratulated those involved in Operation Shambala, tweeting that “tenacious & complex work brings results”.

Detective Chief Inspector Ian Wilson said those targeted include individuals suspected of high-end money laundering through bank accounts in the UK and internationally.

He added: “Six men aged 33, 37, 39, 40, 50 and 67 and a 32-year-old woman were arrested during the two-day operation.

“During our extensive investigation, we identified that a significant volume of suspected criminal cash was being laundered out of the country through a number of shell companies and bank accounts held here in Northern Ireland.

“The investigation has identified over 50 companies and over 140 bank accounts.

“In total, almost £215 million has been deposited to thousands of bank accounts across the UK and also transferred out of the UK through foreign exchange companies since 2011.

“Money laundering is often a critical enabler of organised criminality. We believe that the majority of this money is derived from a range of criminal activity carried out by organised crime gangs.”

By Rebecca Black, Belfast Telegraph, 21 January 2020

Read more at Belfast Telegraph

RiskScreen: Eliminating Financial Crime with Smart Technology

Count this content towards your CPD minutes, by signing up to our CPD Wallet

FREE CPD Wallet