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Worldwide investors acquired bonds backed by the crime proceeds of Italy’s most potent mafia, according to economic and authorized documents observed by the Money Moments.
In just one case, the bonds — backed in portion by front firms billed with working for the Calabrian ’Ndrangheta mafia group — have been bought by just one of Europe’s largest private banking companies, Banca Generali, in a transaction the place consulting expert services have been supplied by accountancy group EY.
An approximated €1bn of these private bonds have been sold to worldwide investors amongst 2015 and 2019, according to market place members. Some of the bonds have been linked to belongings afterwards exposed to be made by front firms for the ’Ndrangheta.
The ’Ndrangheta is considerably less properly-regarded outdoors Italy than the Sicilian mafia but has risen above the