According to BlockBeats, Australian law enforcement agencies have dismantled a sophisticated money laundering organization operating in Queensland following an 18-month multi-agency investigation. Four individuals have been charged in connection with the operation, which allegedly involved the covert transportation of cash nationwide and laundering millions of Australian dollars in criminal proceeds.
A 32-year-old man from Heathwood, Brisbane, has been identified as a primary client of the laundering network, reportedly laundering approximately AUD 9.5 million over 15 months. He was charged with money laundering and refusing to provide his phone password on June 5 and is currently in custody. He is expected to appear in Brisbane Magistrates Court today.
The Queensland Joint Organized Crime Task Force (QJOCTF) initiated an investigation into suspicious financial transactions in December 2023, eventually linking the man to a large company receiving multiple suspicious third-party transfers. Investigators traced the flow of funds and discovered his connection to a high-level laundering network operated by a security company on the Gold Coast. This company allegedly converted up to AUD 190 million in cash into cryptocurrency through its armored cash transport division. The source of this AUD 190 million cash is still under investigation.
The Gold Coast-based security company reportedly utilized a complex network of bank accounts, businesses, couriers, and cryptocurrency accounts to launder millions of dollars in illegal funds over 18 months.