Belgian authorities hit gang moving cash for parallel bank



Estimated read time: Less than a minute

This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

BRUSSELS (AP) — Belgian prosecutors say they've broken up a money laundering ring trying to transfer cash from Africa to set up a parallel banking system.

The Crown Prosecutor's office said Friday that several raids have been launched around Brussels since April and that four people have been arrested, and cash and bankcards seized.

It said investigators discovered that bankcards from two African banks had been used to withdraw large sums of money from cash machines across Belgium.

Neither the banks nor those arrested were identified.

Prosecutors said the probe "showed that it was a well-organized crime group trying to anonymously transport money from Africa to Belgium to invest in a parallel banking system."

They said the system makes it possible to transfer money without authorities in the country of origin knowing.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

The Associated Press

    SIGN UP FOR THE KSL.COM NEWSLETTER

    Catch up on the top news and features from KSL.com, sent weekly.
    By subscribing, you acknowledge and agree to KSL.com's Terms of Use and Privacy Policy.

    KSL Weather Forecast