AFP Investigates Money Laundering Tactics Employed by Criminals in 2021
The Australian Federal Police is highlighting the hidden channels used by money launderers in 2021 and warning that organized crime is expected to continue in the coming year.
In the last 12 months, the AFP has identified several methods implemented by money launderers to obscure the ill-gotten gains of crime from monetary authorities. A total of 96 money laundering charges were laid under the Commonwealth Criminal Code.
The financial crime cases include the dumping of tens of thousands of dollars into ATM machines during the night for cryptocurrency exchanges. This was done to allegedly transfer cash into a different bank before immediately transferring it to offshore accounts after converting into cryptocurrency.
Two Malaysian nationals were charged this month for using this money laundering method, where an AFP-led investigation resulted in the confiscation of $350,000 in cash.
According to Mirage News, the AFP has identified several schemes ranging from $1000 to multi-million dollar scams and laid charges for money laundering through real estate. In cases where the offenses are serious, the individuals face a potential maximum sentence of imprisonment for life.
The AFP is said to be investigating financial crime throughout Australia by employing dedicated teams and taskforce arrangements along with international law enforcement and partner agencies.
Moreover, AFP detectives also identified links between a Comanchero Outlaw Motorcycle Gang and a money-laundering syndicate that was found to launder millions of dollars to Dubai.
This case was further investigated in Operation Ghibli, a derivative of Operation Ironside, where multiple search warrants were executed in Fairfield, NSW. Police seized over $850,000 in cash and arrested two individuals with links to a Middle Eastern organized crime syndicate.
Suggested read: Money Laundering Ring Pushed $4bn through 60 HSBC Accounts within 2 Years
