Rapid Money Laundering Response Helps Intercept $27m

Rapid Money Laundering Response Helps Intercept $27m

International law enforcers have arrested over 1,000 suspects and seized nearly $27m in criminal funds associated with online fraud and money laundering, according to Interpol.

The global policing organization said its Haechi-II operation took place over four months from June to September 2021, bringing together investigators from 20 countries plus Hong Kong and Macao.

The crackdown allowed police to close 1660 cases and block 2350 bank accounts linked to illegal activity, according to Interpol. That was done in many cases via a new global mechanism piloted during the campaign, known as the Anti-Money Laundering Rapid Response Protocol (ARRP).

In one case, ARRP reportedly led to the rapid interception of $8m headed to Chinese bank accounts after a Colombian textiles firm was defrauded in a sophisticated business email compromise (BEC) scam.

According to Interpol, 94% of the money was blocked in record time, saving the firm from bankruptcy.

“Intercepting the illicit proceeds of online financial crimes before they disappear into the pockets of money mules is a race against time and we have worked closely with the attorney general’s office to move as decisively as possible,” said Jorge Luis Vargas Valencia, director general of the Colombian National Police.

Read More: https://www.infosecurity-magazine.com/news/interpol-pilots-rapid-money/