Italian police announce seizure of 2.6 tonnes of cocaine in Atlantic

Italy's financial police said Monday that Portuguese counterparts had intercepted a speedboat carrying more than 2.6 tonnes of cocaine with a street value of more than $550 million.

Four people -- two Spaniards, one Albanian and one man from Gibraltar -- were arrested, it said.

"The boat was intercepted off the coast of Lisbon by the Portuguese maritime police," said the financial police, which had conducted the investigation.

Italian police said the cargo had a street value of approximately 500 million euros ($570 million).

The interception took place on Thursday about 90 kilometers (50 nautical miles) southwest of Cape Espichel, Portugese police said.

Italian police said that organised crime gangs were increasingly using "go fast" boats, which measure between 10-16 metres, and can travel at more than 70 knots, to collect their illegal cargos.