Spain - Collapse of half a billion euro money laundering and seizure case

Here's one for the #moneylaundering typology case studies for #MLROs as part of regulatory training requirements!
 
Relates to the collapse of major investigation into the Kinahan cartel and more than half a billion euros- particularly €500,000,000 stash of cars, properties & cash handed back to the accused by a Spanish judge after collapse of money laundering case.
 
Can understand that staff and MLROs at financial institutions and other obliged entities which do a lot of the initial legwork in identifying suspicious transactions may feel underwhelmed (to say the least) when a case like this collapses.
 
We should train on all types of cases, regardless if there is a criminal outcome or not. Staff (and boards) need to appreciate that not all suspicious transactions reports will 'result' in a criminal outcome, but that doesn't excuse obliged entities and their staff from complying with the legal requirement to report suspicious transactions. A skill MLROs and trainers need to focus upon is motivating staff, themselves and the senior executive to stay the course.
 
https://www.linkedin.com/posts/peteroakes_moneylaundering-mlros-financialcrime-activity-6719937607700135936-jZUH
 
#antimoneylaundering #financialcrime #mlros #suspicioustransactions #lawenforcement

Check out the linkedin post with link to news article.
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