Europol-led operation is going after criminals’ wallets

Project A.S.S.E.T. – Asset Search and Seize Enforcement Taskforce – ended on January 17th, 2025, and identified dozens of properties, over 220 bank accounts, and millions in assets.

The European Union Agency for Law Enforcement Cooperation (Europol) announced a unique initiative during which over 80 financial experts and 43 law enforcement agencies from over 28 countries cooperated to increase asset seizures from criminals.

The effort yielded 53 identified properties, 8 of which were valued at 38.5 million euros ($40M), over 220 bank accounts, one of which had a $5.6 million balance, and 83 crypto wallets and addresses. Authorities also discovered 15 companies, over 20 yachts, and luxury vehicles valued at hundreds of thousands of dollars.

Another key result of the operation was the freezing of 200,000 euros in cryptocurrencies.

“Together, we’re striking criminals where it hurts most – their wallets,” said Burkhard Mühl, Head of the European Financial and Economic Crime Centre (EFECC), which organized the initiative.

Project A.S.S.E.T. comes as authorities estimate that less than 2% of criminal proceeds are currently seized worldwide, and the remaining 98% fuels organized crime.

Europol estimates that real estate is one of the main industries used to launder criminal profits in the EU, attracting 41% of illicit and untaxed profits.

The new EU Directive on Asset Recovery and Confiscation, which came into force in 2024, provides additional powers to freeze criminal assets and take immediate action to preserve the property.

It “will become an important tool in the confiscation of these criminal assets,” Europol said.