POLICE REPORT ON DRUGS CRACK DOWN

Agents of the National Police’s Drug and Organised Crime Unit (UDYCO) seized 83 million euros worth of property from drug traffickers last year, mainly in the form of housing and bank accounts. The figure may be much higher because the value of the housing seized is based on the value given to the property in the public deeds, which frequently do not reflect the true value. A UDYCO spokesman said investment in real estate is the quickest and most profitable way of laundering money from drug deals. The drug dealers have also bought construction companies and are selling housing at very competitive prices, thus creating unfair competition in the sector. Most of the money is laundered by sending small amounts through call offices, banks and by human couriers. The spokesman said the profits from cocaine are sent back to Colombia, Miami and the Caribbean, while the profits from heroin end up in banks in Dubai, the capital of the United Arab Emirates.

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