Assets worth hundreds of millions of forints linked to Hungarian criminal investigations were identified during an international operation coordinated by Europol at the end of May. The operation, involving authorities from 31 countries, led to the discovery of bank accounts, companies, properties, vehicles and other assets across Europe.
According to Europol’s report on Project A.S.S.E.T, during the four-day operation, authorities from 31 countries worked together, with more than 40 law enforcement agencies taking part. Participants included Asset Recovery Offices, Financial Intelligence Units and specialised teams focusing on money laundering and organised crime.
“During my visit to the taskforce at Europol Headquarters, I witnessed first-hand the extraordinary commitment and professionalism of investigators and partners working side by side across borders. Their efforts demonstrate how international cooperation and financial intelligence can strike directly at the financial foundations of organised crime.,” said Jürgen Ebner, Europol’s Acting Executive Director.
Law enforcement agencies from 31 countries joined forces
Hungary was among the 31 participating countries in the operation, represented by the Asset Recovery Office of the National Bureau of Investigation. According to the Hungarian police, investigators exchanged information and coordinated directly with authorities from Sweden, Denmark, Serbia, Bulgaria, Malta, Portugal, Romania, Germany and Montenegro during the operation.
The operation was supported by several major European and international organisations, including:
- Eurojust, which helps coordinate cross-border criminal investigations and prosecutions
- INTERPOL’s Financial Crime and Anti-Corruption Centre (IFCACC)
- the European Public Prosecutor’s Office (EPPO)
- and the Anti-Money Laundering Authority (AMLA)
During the four-day operation, investigators identified 884 bank accounts, 80 companies, 55 cryptocurrency wallets, 74 vehicles and 44 properties. While the exact value of the recovered assets has yet to be determined, Europol estimates that they are already worth several million euros.
Financial service providers and cryptocurrency market participants also played a significant role in the operation. Their contribution was particularly important as criminal proceeds are increasingly moved through digital financial systems.
“These successes show the operational impact that close cooperation between law enforcement authorities and private sector partners can achieve.” said Jean-Philippe Lecouffe, Europol’s Deputy Executive Director of Operations.
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Asset recovery also delivered results in Hungarian cases
Hungary was represented by the Asset Recovery Office of the National Bureau of Investigation. In addition to supporting domestic investigations, Hungarian specialists also assisted foreign partner authorities with international asset-tracing requests.
In connection with Hungarian criminal proceedings, investigators identified nine vehicles abroad. One vehicle was located in the Czech Republic, another in Ukraine, two in Germany and five in Sweden. The combined value of these vehicles is close to HUF 95 million, according to the Hungarian police.
Investigators also identified 36 bank accounts, most of them in the Balkan region. In addition, they traced a vessel worth approximately EUR 500,000 and seven business entities. International asset-tracing efforts also proved successful in relation to a further twenty high-value vehicles.
Organised crime increasingly relies on digital financial networks
Speaking at an INTERPOL conference in May, Secretary General Valdecy Urquiza warned that today’s most dangerous criminal infrastructure is “borderless and invisible”, capable of operating from anywhere in the world around the clock. According to him, digital platforms and international financial systems have created new opportunities for organised crime.
Data cited by the European Commission underline the scale of the problem: more than 53% of adults in the European Union have already encountered online or crypto-asset-related fraud.
To address these challenges, the European Union has strengthened cooperation between Member States in recent years and introduced new measures aimed at improving asset recovery and confiscation procedures. The objective is to prevent criminal organisations from transferring or concealing illicitly obtained assets across borders and beyond the reach of law enforcement authorities.
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