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Spanish money-laundering ring smashed

Marbella - Money-laundering ring
Marbella - Money-laundering ring

The authorities in Spain say they have smashed a big international money-laundering ring centred on the southern coastal resort of Marbella.

40 people have been arrested, including Spanish, French, Finnish and Russian nationals.

A boat, two planes and more than 40 luxury cars have been seized.

The group is suspected of laundering more than $300 million for international criminal organisations involved in murder, drugs trafficking, arms dealing and prostitution.

Spanish authorities said they suspected some of the cash was illegally siphoned from Russian oil company, Yukos.

A spokesman for Yukos has denied any involvement in money-laundering.