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Nine charged in Sydney raids for allegedly filtering the proceeds from international crime on an “industrial scale”.
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AFP swoops on $150m money laundering operation
03 February 2023
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The AFP has swooped on a Sydney-based international money laundering organisation, arresting nine and restraining more than $150 million in property, cash and luxury items.
In 13 raids across Sydney the alleged head of the money laundering organisation, a 43-year-old Vaucluse resident, was arrested at his home while eight others were also detained and charged with multiple money laundering and proceeds-of-crime offences.
Eight people were due to face Downing Centre Local Court yesterday with one Burwood woman scheduled to face court at a later date.
The raids netted more than $29 million in cryptocurrency plus designer watches, handbags and jewellery as well as four licensed firearms that were unlawfully stored.
The Criminal Assets Confiscation Taskforce also obtained restraining orders relating to more than 20 Sydney properties including commercial buildings in the CBD and surrounds, two houses in Sydney’s eastern suburbs worth more than $19 million combined, a 360-hectare tract of land near the site of Sydney’s second international airport worth $47 million, 66 bank accounts, cash and more than $1 million in luxury vehicles.
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The AFP alleged the Sydney organisation enabled serious crime groups to launder funds derived from illegal activities and that the group laundered more than $150 million of its own profits from the enterprise between 2018 and 2022.
It said the syndicate acted as an unregulated multinational bank, able to draw on cash reserves held in multiple countries to facilitate transactions for criminal clients and provided services at an industrial scale to Australian-based crime syndicates, allowing them to move and access their illicit funds across multiple international jurisdictions.
The operation, dubbed Avarus-Midas, had identified criminal groups in Australia and offshore allegedly using the organisation to ensure their money was filtered through legitimate systems and their criminal activities were hidden from law enforcement.
Operation Avarus-Midas began in early 2022 after information was discovered during money laundering Operation Todorka. This investigation resulted in charges laid against members of a syndicate laundering money for Australian criminal figures.
AFP Assistant Commissioner Eastern Command Kirsty Schofield said money laundering organisations were the lifeblood of organised crime and a major enabler of criminal activity in Australia and internationally.
“This was a sophisticated, complex syndicate established to facilitate the movement of funds regardless of their origin, purpose or harm caused to the Australian community,” she said.
“Money laundering is a global threat which no agency can combat alone. The AFP has relied on its expansive international network during this investigation, and would like to particularly thank the Royal Malaysia Police and the Hong Kong Police Force for their support.
“AUSTRAC has been a key partner in this investigation with its specialist expertise and capabilities. I would also like to thank National Australia Bank for their assistance provided during this investigation. The willingness of the private sector to work with law enforcement should send a strong message to organised crime.
“We have not ruled out further arrests in Australia or internationally. We are working closely with our international partners and sharing intelligence to ensure all members of this alleged money laundering organisation are held accountable for their actions.”
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