A recent global law enforcement initiative, Operation Jackal III, has significantly disrupted West African organized crime syndicates, including the notorious Black Axe group. This extensive operation, which lasted from April 10 to July 3, 2024, involved 21 countries across five continents and led to substantial arrests and asset seizures. Again, cryptocurrency has played a crucial part in these cybercrime operations.
Major Arrests and Seizures
The coordinated effort resulted in approximately 300 arrests, the identification of over 400 additional suspects, and the blocking of more than 720 bank accounts. The assets seized, valued at USD 3 million, included cryptocurrencies and luxury items. This highlights the critical role cryptocurrencies now play in the global cybercrime landscape.
Key Highlights and Arrests
- Argentina: The Argentinian Federal Police dismantled a Nigerian-led transnational criminal network following a five-year investigation. They seized USD 1.2 million in high-quality counterfeit banknotes (supernotes), arrested 72 suspects, and froze approximately 100 bank accounts. This network, under investigation in over 40 countries, used money mules to open bank accounts worldwide and is linked to extensive money laundering activities.
- Switzerland: Swiss law enforcement seized over a kilogram of cocaine and approximately EUR 45,000 in cash. Multiple suspects, believed to be part of a West African organized crime syndicate, were arrested.
- Portugal: Portuguese criminal police dismantled a Nigerian network involved in recruiting money mules and laundering funds from online financial fraud victims across Europe. Data from seized computers and phones revealed large transfers to Nigerian bank accounts and sophisticated cryptocurrency transactions.
The Role of Cryptocurrencies
Cryptocurrencies have become the dominant currency in the global cybercrime scene. They provide a level of anonymity and ease of transfer that is highly attractive to cybercriminals. This operation underscored how these digital currencies are being used extensively to launder money and facilitate illegal transactions.
International Collaboration and Impact
INTERPOL’s Financial Crime and Anti-Corruption Centre (IFCACC) played a pivotal role in the operation. Director Isaac Oginni emphasized the alarming volume of financial fraud stemming from West Africa and the critical need for international collaboration to combat these networks. Diego Verdun, Head of Argentina’s National Central Bureau, highlighted the importance of following illegal money trails worldwide.
