In January 2025, Europol launched its largest-ever operation aimed at seizing criminal assets, marking a significant milestone in the global fight against organized crime. Project A.S.S.E.T. (Asset Search & Seize Enforcement Taskforce) brought together 43 law enforcement agencies from 28 countries, along with experts from the financial sector, including international organizations like Eurojust and Interpol. This ambitious initiative focused on enhancing the identification, freezing, and seizing of criminal assets across borders, combining both public and private sector expertise to tackle the issue of illicit asset flows worldwide.

The operation, which took place from January 13 to 17, 2025, involved over 80 financial professionals who pooled their expertise to create a unified strategy for identifying and targeting criminal assets. For the first time, this large-scale collaboration between law enforcement agencies and the private sector showcased a new model of global cooperation. The success of Project A.S.S.E.T. emphasizes how crucial it is to combine financial know-how with investigative action to disrupt organized crime, particularly its most significant source of power—its financial assets.

A Coordinated Global Effort to Combat Crime

Project A.S.S.E.T. is a testament to the power of international cooperation in the fight against criminal enterprises that rely on illicit financial flows to fund their activities. Experts from 43 different agencies, alongside representatives from major banks and cryptocurrency exchanges, worked together to trace, freeze, and seize criminal assets that spanned various industries and jurisdictions. The operation was comprehensive, utilizing advanced tools in money laundering detection, asset recovery, and cryptocurrency monitoring to track down assets associated with organized crime.

During the operation, over 53 properties were identified, eight of which were valued at EUR 38.5 million. More than 220 bank accounts were uncovered, including one account with a balance of US $5.6 million. The task force also identified 15 companies, seized over 20 yachts and luxury vehicles (four valued at more than EUR 600,000), and traced 83 cryptocurrency wallets and addresses linked to criminal activity. Among the operation’s most significant outcomes was the freezing of EUR 200,000 worth of cryptocurrencies, preventing those funds from being used to further fuel criminal activity.

These results are just the tip of the iceberg, highlighting how much more needs to be done to tackle the vast sums of money circulating within illicit networks. While the total value of assets seized during this operation is substantial, Europol continues to emphasize that less than 2% of the global proceeds of organized crime are typically seized annually. This statistic underscores the scale of the problem and the need for ongoing, enhanced international cooperation.

The Importance of Public-Private Partnerships

A defining feature of Project A.S.S.E.T. was the active participation of private sector financial institutions, particularly those involved in banking and cryptocurrency markets. These financial players played a critical role in identifying suspicious financial transactions and assets linked to criminal activities. As criminal networks become increasingly adept at using legitimate financial systems, particularly real estate and cryptocurrencies, the involvement of private entities is crucial in tracing and freezing illicit funds before they can be laundered.

Burkhard Mühl, head of Europol’s European Financial and Economic Crime Centre (EFECC), noted, “This week, the Asset Search & Seize Enforcement Taskforce showcased Europol at its finest. Bringing together over 80 top experts from law enforcement and the private sector, we worked as one to trace, freeze, and seize the profits of organised crime. Together, we’re striking criminals where it hurts most – their wallets. As we move forward united, success is inevitable.” His remarks reflect the growing importance of partnerships between law enforcement and the private sector in tackling financial crimes and disrupting organized crime networks.

This collaboration is a vital component of Europol’s broader strategy to strengthen its capacity to respond to emerging criminal threats. By combining the investigative power of law enforcement agencies with the financial expertise of the private sector, Europol can more effectively trace illicit funds and identify hidden assets that would otherwise go undetected.

The Future of Criminal Asset Seizures

Despite the success of Project A.S.S.E.T., the fight against criminal assets is far from over. Organized crime networks remain resilient and continue to exploit vulnerabilities in financial systems worldwide, often using real estate and cryptocurrencies to launder illicit funds. The results of this operation, however, signal a promising shift towards more effective global cooperation in asset recovery and the potential for increasing the number of criminal assets seized in future operations.

Recent operations like Whitewall and Gorgon have shown the power of coordinated international efforts in tackling organized crime. These operations targeted underground banking networks involved in large-scale money laundering, resulting in significant seizures, including EUR 27 million in cryptocurrencies. These examples underscore the potential for future successes when law enforcement agencies work together and share intelligence across borders.

The new Directive on Asset Recovery and Confiscation, which entered into force in 2024, will significantly enhance the capacity of law enforcement agencies to act swiftly in freezing and seizing criminal assets. This legislation provides Asset Recovery Offices with new powers to quickly freeze assets and take steps to preserve property until a freezing order can be issued. The directive’s introduction is expected to be a game-changer, enabling more rapid and effective responses to asset recovery.

Project A.S.S.E.T. also serves as a model for future operations. The operation’s success highlights the importance of continued international cooperation, innovation, and a focus on financial investigations to dismantle criminal organizations. As Europol continues to refine its strategies and expand its partnerships, the global community can expect more aggressive and effective measures to seize criminal assets and prevent organized crime from financing its operations.

Conclusion: Strengthening Global Efforts to Seize Criminal Assets

Europol’s Project A.S.S.E.T. represents a landmark achievement in the global fight against organized crime. By facilitating collaboration between law enforcement agencies, financial institutions, and international organizations, Europol has set a new standard for asset seizure operations. The successful identification, freezing, and seizing of criminal assets during this operation is an important step forward, but it is clear that much more needs to be done to combat the vast financial resources at the disposal of criminal networks.

The future of asset seizures looks promising, with stronger international partnerships, advanced investigative tools, and supportive legal frameworks like the 2024 Directive on Asset Recovery and Confiscation. Europol’s work on Project A.S.S.E.T. exemplifies how coordinated efforts across borders and sectors can lead to meaningful progress in disrupting criminal activity and recovering illicit assets.

Related Links

• Europol Press Release on Project A.S.S.E.T.
• Europol’s European Financial and Economic Crime Centre
• Eurojust: International Cooperation Against Criminal Networks
• Interpol’s Role in Global Law Enforcement Cooperation
• Directive on Asset Recovery and Confiscation

Other finCrime Central Articles about European Actions

• Europol’s Landmark Operation Dismantles Crypto Crime Network
• Interpol Silver Notice: A New Tool to Combat Organized Crime
• Europe’s €3 Billion VAT Fraud Now Uncovered as Part of Investigation Admiral

Source: Europol