Police in 17 Countries Smash Huge Money Laundering Scheme

Agents from five continents have smashed a huge money-laundering scheme that allegedly helped 1 million criminals hide their profits.

The U.S. Justice Department said Tuesday it indicted the Costa-Rican based Liberty Reserve digital currency company. Five suspects were arrested in New York, Spain and Costa Rica. Two others are still at large.

The indictment accuses Liberty Reserve of laundering $6 billion in profits from crimes, including credit card fraud, identity theft, drug trafficking and child pornography.

Justice officials say Liberty reserve gave criminals a way to hide their money without leaving a trace by letting them set up accounts with fake names and phony addresses.

Police in 17 countries helped U.S. and Costa Rican authorities break up the ring. They include agents in Morocco, China, Russia, Australia and western Europe.

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