PSNI breaks up £215m money laundering ring

Seven people have been arrested following the major multi-agency operation over two days this week.

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 a number of locations.

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

“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.”

A number of other agencies were involved in the operation including the Gardai, Criminal Assets Bureau, National Crime Agency, the UK Financial Investigation Unit and Europol.