The Financial Police Unit of Italy’s Guardia di Finanza seized nearly EUR 18 million (USD 20 million) in assets as part of an investigation into an EUR 87 million (USD 98 million) money laundering scheme concerning seafood trade.
An investigation revealed that a criminal organization was selling salmon, tuna, sea bass, and sea bream – mainly to operators in Sweden, Spain, and Greece – without paying value-added taxes. The organization also obtained bank loans guaranteed by public funds via shell companies. According to Italian investigators, the loans were not repaid, leading to the forfeiture of those state guarantees.
Those illegal activities enabled the organization to market its fish at lower prices than its competitors, undermining legal competition, the government said. Money laundered through the scheme was later reinvested in real estate and other commercial activities.
According to investigators, the scheme involved 14 individuals and corporations.
In October, the investigating judge of the Court of Naples ordered the Financial Police Unit to seize EUR 9.8 million (USD 11 million) for the alleged tax crimes, EUR 1.8 million (USD 2 million) for aggravated fraud in obtaining public funds, and EUR 6 million (USD 6.7 million) for money laundering.
“The measure constitutes a real precautionary measure adopted in the preliminary investigation phase, against which the means of appeal provided by law are available,” the government said in its announcement. “Persons under investigation are to be considered presumed innocent until a final sentence is reached.”
