Spain: Police arrest 11 for alleged money laundering

July 12, 2016 1:35 PM

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MADRID – Spanish police say they have arrested 11 people — mostly Russians and Ukrainians — in an operation targeting foreign organized crime gangs involved in money laundering.

Police said those arrested allegedly ran a network of companies through which they channeled money from Cyprus and the British Virgin Islands to buy real estate in Spain. The group had laundered about 10 million euros ($11 million).

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