Despite stringent regulations aimed at curtailing money laundering in the European Union (EU), the crime is still rampant across several countries on the Continent. According to a report from AFP, an absence of cooperation between EU states is allowing criminals to continue laundering money through various banks.

“There are problems relating to coordination at various levels: at the national level, between prudential and anti-money laundering institutions, and between states and the European Union,” said Laure Brillaud, Transparency International EU’s Anti-Money Laundering Policy Officer while speaking to AFP.

Money laundering is the practice of disguising money obtained through illegal means to look like legitimate income or hide it all together. According to an article on Investopedia, the three steps in laundering money are “placement, layering and integration.” The schemes can be simple or extremely complex, and can involve the use of phony businesses, currency exchanges, and even cryptocurrency. According to Business Insider, the crime is practiced across the globe and has damaged the economies of developing countries and world superpowers alike.

Although the crime is seen across the EU, Denmark has been hit especially hard. According to AFP, a major investigation of money laundering uncovered around 200 billion euros thought to have been laundered through the country’s Danske Bank in “suspicious transactions.” The transactions, many of which originated in Russia and Britain, took place at the bank’s Estonia branch. The United Kingdom has announced they will be investigating the trades as well.