Australia Dismantles $123 Million Crypto Money Laundering Syndicate: Positive Signal for Market Transparency

In an effort to crack down on financial crime, Australian police have dismantled a $123 million money laundering syndicate at #Queensland , which allegedly funneled illicit funds into cryptocurrencies.

On June 5 and 6, the Australian Federal Police (AFP) Criminal Assets Confiscation Taskforce (CACT) conducted 14 raids in Brisbane and the Gold Coast. The investigation revealed a sophisticated network that used shell businesses to launder drug proceeds and illicit profits.

Investigators seized approximately $110,370 in cryptocurrencies, along with cash, encryption devices, documents, and real estate. Authorities allege that the syndicate converted large amounts of cash into cryptocurrencies to conceal their origins. “We allege that this syndicate deliberately concealed and disguised its origins… in an attempt to avoid being caught by authorities,” said Adrian Telfer, the Australian Federal Police’s commissioner.

Four individuals have been charged, including a 32-year-old man accused of laundering $6.16 million. The case highlights how cryptocurrencies are increasingly being used by organised crime to hide illicit proceeds. #CACT has seized more than $110 million in cryptocurrency-related assets over the past year, bringing the total to $1.2 billion since 2019.

These efforts demonstrate Australia’s strong commitment to ensuring the transparency and safety of financial markets, including the cryptocurrency sector. #anhbacong