London Fintech Owner Faces Extradition to Belgium Over Alleged Money Laundering for Drug Traffickers

A London-based fintech owner accused of aiding drug traffickers in laundering hundreds of millions of euros through a cryptocurrency exchange platform must be extradited to Belgium to face criminal charges, a London judge ruled.

Caio Marchesani, the owner of Trans-Fast Remittance, a payments business regulated by the Financial Conduct Authority, is alleged to have facilitated the hoarding of significant amounts of cash for Sergio Roberto De Carvalho, a Brazilian previously described by Interpol as one of the world’s most wanted kingpins before his arrest in 2022.

Marchesani is also accused by prosecutors of managing cryptocurrency accounts for Flor Bressers, a Belgian national known as the “finger cutter.”

Marchesani, who was apprehended at Heathrow Airport in May, has seven days to appeal against the extradition order, according to the London judge’s decision on Tuesday.

Following the ruling, both Marchesani’s lawyer and the prosecution declined to comment.

In a statement filed in court last month, Marchesani maintained his innocence, stating, “I have not been involved in money laundering the proceeds of drug sales for the alleged organized criminal group.”

His legal representatives at Mishcon de Reya had previously argued that the prosecution’s case contained “false, vague, ambiguous, or inaccurate particulars.” They emphasized that none of the allegations against Marchesani were related to his business interests in the UK.

The efforts to extradite Marchesani are part of a broader investigation that began three years ago after the Dutch government seized more than 12 tonnes of cocaine, valued at over €260 million ($278 million), at Europe’s busiest port, Rotterdam. Authorities traced the seized drugs back to Bressers and De Carvalho, eventually focusing on Marchesani after a breakthrough in decoding encrypted communications.

Prosecutors acting on behalf of Belgian authorities alleged, “He is a shadow banker who receives money, either in cash, cryptocurrency, or both, and moves it around at the will of the criminal organization to disguise its origins,” during an earlier hearing.

A trial involving 30 defendants in the case, including Bressers, commenced in Belgium earlier this month but was immediately postponed, as reported by local press outlets.

A pre-recorded message from Trans-Fast Remittance stated that their payment service is currently offline but aims to resume services soon. Companies House filings from August indicate that another owner has been added to the registry.