On 14 December 2016 judicial authorities and law enforcement from Spain dismantled a criminal organization whose modus operandi involved defrauding states on the VAT from oil and precious metals via a sophisticated carousel fraud scheme, and the money laundering of these gains through, various corporate structures, resulting in the loss of more than EUR 25 million in the hydrocarbon sector since 2015. The dismantled group responsible was based in Spain and Portugal and used a complex corporate architecture including shell companies, missing traders, and companies functioning as alternative payment platforms for the laundering of the ill-gotten gains.
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