Operation Avarus-Midas occurring in Bellevue Hill. Source : Australian Federal Police
Nine members of an international money laundering ring have been charged by Australian Federal Police.
The group had allegedly accumulated more than $150 million in Sydney property, cash, and luxury items.
The AFP has alleged the group were involved in enabling multiple transnational serious and organised crime (TSOC) groups to launder money from criminal activities.
The money they laundered occurred from activities between 2018 and 2022.
AFP Assistant Commissioner Eastern Command Kirsty Schofield said organised crime thrived on money laundering activities and the organisation involved was “sophisticated” and “complex”.
“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.” Assistant Commissioner Schofield 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 activities.” She said.
AUSTRAC is the Australian Transaction Reports and Analysis Centre.
The AFP arrested the head of the organisation on February 1.
Eight others were arrested and charged with multiple money laundering and proceeds of crime offences.
The offences allegedly were enacted as a part of, and in support of, the criminal organisation’s ongoing criminal activities.
Those arrested and charged were from various New South Wales suburbs, including Epping, Bellevue Hill, and Vaucluse, where the alleged head is from.
The organisation’s headquarters was allegedly in Sydney.
The arrests occurred as part of Operation Avarus-Midas to identify criminal groups both domestically and offshore.
The AFP has alleged the organisation used an unregulated multi-national bank to draw on cash reserves held offshore to facilitate criminal transactions.
