Fourteen people have been arrested in Spain and Portugal in a series of raids targeting a €1tn (£828bn) criminal, money-laundering network working with gangs across Europe.

Most of the suspects, detained last month, are Russian nationals, according to EU law enforcement agency Europol.

The ring mainly laundered money originating from illegal drug trafficking and charged 2-3% commission per transfer as part of “a genuine multinational money laundering company”, according to Spain’s National Police.

Nine properties were raided in cities across Spain, as well as the Portuguese capital Lisbon, and more than €1m in cash and cryptocurrencies were seized.

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