Bangladesh, June 26 -- A German court has sentenced a man accused of operating a sophisticated underground banking network to nearly four years in prison after he admitted moving tens of millions of euros through fraudulently established bank accounts. The ruling marks another significant development in European authorities efforts to crack down on illicit financial networks that exploit legitimate banking systems and cryptocurrency to conceal the origins and destinations of criminal proceeds.

On June 10, the Berlin Regional Court sentenced Gerard Grischew to three years and ten months in prison after he pleaded guilty to charges including document forgery and operating an unregistered banking system. Prosecutors argued that Grischew orc...