Europol: Stepped-up efforts to trace sanctioned assets three years after Russia’s invasion of Ukraine
On the third anniversary of Russia’s war of aggression against Ukraine, Europol reaffirms its commitment to supporting EU member states in their investigations under Operation OSCAR, the European police co-operation agency said on February 24.
Launched on April 11 2022, Operation OSCAR was established by Europol to strengthen financial investigations into assets linked to sanctioned individuals and entities following Russia’s invasion of Ukraine.
A total of 44 partners, including Eurojust and Frontex, are actively involved. By facilitating intelligence exchange, supporting financial investigations and enhancing international cooperation, Operation OSCAR plays a key role in enforcing EU sanctions and combating financial crime, Europol said.
To date, Europol has received more than 300 operational contributions in over 90 separate investigations developed in the framework of this operation, it said.
Europol’s European Financial and Economic Crime Centre (EFECC) has provided extensive analytical and operational support, cross-checking intelligence against Europol’s databases and coordinating efforts between law enforcement agencies, customs authorities, asset recovery offices and financial intelligence units.
With the recent implementation of the EU’s legal framework harmonising criminal offences related to the violation of EU sanctions, Europol is stepping up its efforts, the statement said.
The agency has established a dedicated Target Group on Sanctions within the EFECC, which will serve as the central hub for sanction-related investigations. This initiative will improve the tracking of illicit financial flows and asset seizures, ensuring a more coordinated response to sanctions evasion.
(Photo: Europol)
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