Authorities in the United Arab Emirates and Sweden have arrested seven individuals connected to an international money laundering operation that investigators say used cryptocurrency to move funds later linked to organized crime and contract killings.
The UAE’s Ministry of Interior said the alleged ringleader, a Swedish national who had fled the country and was subject to an Interpol Red Notice, was located and detained in the UAE. Six additional suspects were arrested in Sweden at the same time, and legal proceedings have been opened against all seven, though authorities have not released their identities.
According to the ministry, the network processed about $7.1 million — over a 10-month period, converting cash proceeds from criminal activity and channeling them through cryptocurrency to obscure the funds’ origin and destination.
