Author: Giulia Maino
Committee: Real Estate Committee
Date: 28/05/2025
Operation “No Name” is a clear example of the European Public Prosecutor’s Office (EPPO) taking on the issue of real estate laundering on a transnational scale. The case shows how important European judicial cooperation is in the fight against tax fraud and money laundering. It also highlights the real estate sector’s vulnerabilities and its continued exposure to the risks of criminal infiltration.
The investigation, conducted by the Ancona Guardia di Finanza on the orders of the Macerata GIP and coordinated by the Milan and Bologna EPPO offices, led to the dismantling of a Chinese-based criminal association dedicated to international tax fraud and money laundering, with ramifications throughout Europe.
A Chinese Underground Bank was discovered and seized, equipped with illegal and concealed banking counters hidden inside a villa, a travel agency, and a Cash & Carry outlet. These counters were used to collect, store, and transfer the money to be laundered¹.
The cash was withdrawn directly at bank counters, sent to various regions of Italy via “couriers”, or transferred abroad through “virtual accounts”, with China as the final destination. Investigations revealed that the illicit funds were moved through fictitious companies, invoices for non-existent transactions, and complex European triangulations, ultimately returning to Italy completely “cleaned”. The fraud scheme revolved around large-scale imports of goods from China, especially garments and accessories, which entered the country through the Greek port of Piraeus and were routed via numerous non-existent companies — known as missing traders — based in Greece, Bulgaria, and Italy. This allowed the organisation to avoid paying VAT and customs duties, accumulating large sums of cash².
In the phase of capital return, real estate investments acquired a central role: the sums were invested in assets registered in the name of nominees or shell companies. Hundreds of legal transactions and real estate transcripts were reconstructed, making it possible to ascertain the availability, in the hands of the suspects, of numerous properties and businesses in several municipalities in the Marche region.
As a result of the investigation, authorities seized nine real estate units, five catering businesses, bank accounts, and luxury cars. In parallel, nine individuals were subjected to precautionary measures, including pre-trial detention, house arrest with electronic monitoring, and reporting obligations.
Particularly significant was the operation at a shopping citadel in Civitanova Marche, run entirely by Chinese citizens, where assets and cash worth over 116 million euros were frozen during a major raid involving 250 officers, dog units, and advanced technology³.
The role of the EPPO has been decisive in such a transnational context. The European Public Prosecutor’s Office, established by Regulation (EU) 2017/1939, is tasked with protecting the financial interests of the European Union, especially in cases of tax fraud involving several Member States⁴. The EPPO has full competence in cases of VAT evasion carried out through a network of fictitious companies operating in several EU countries. The conduct under investigation caused direct damage to the Union’s finances by depriving it of one of its main sources of funding.
Fraud affecting the EU’s financial interests is increasingly intertwined with the real estate sector, which remains a fertile ground for money laundering. It offers asset stability and anonymity, complicating enforcement efforts. It is essential that professionals in the sector — such as real estate agents, notaries, and financial intermediaries — are equipped to cooperate effectively with authorities. Building a clean, safe, and truly free economy requires active collaboration among judicial bodies, law enforcement, sector professionals, and citizens.
This requires not only providing them with the appropriate regulatory tools, but also ensuring targeted access to relevant information, enabling the prompt identification of suspicious transactions.
Property laundering poisons the economic fabric, distorts market dynamics, and undermines trust in institutions. If we do not give a decisive response, entire sectors will become havens for illegality.
True victory is measured not only by seizing what crime has already contaminated, but by preventing criminal networks from consolidating before they find a home.
¹ Gdf, maxi operazione per frode e riciclaggio: smantellata banca clandestina cinese, La Stampa – Finanza, 25 October 2024, https://finanza.lastampa.it/News/2024/10/25/gdf-maxi-operazione-per-frode-e-riciclaggio-smantellata-banca-clandestina-cinese/NzFfMjAyNC0xMC0yNV9UTEI
² Operazione “No Name”: Guardia di Finanza smaschera organizzazione cinese con banca occulta, Ancona Today, 25 October 2024, https://www.anconatoday.it/cronaca/operazione-no-name-guardia-di-finanza-smascherata-organizzazione-cinese-banca-occulta.html
³ Banca cinese illegale in Italia: scoperta rete di riciclaggio, Qui Finanza, 25 October 2024, https://quifinanza.it/attualita/banca-cinsese-illegale-italia/859850
⁴ Council Regulation (EU) 2017/1939 of 12 October 2017, implementing enhanced cooperation on the establishment of the European Public Prosecutor’s Office (“EPPO”), https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32017R1939