AFP Busts Money Laundering Operation in Sydney
A 42-year-old man from Sydney’s inner west has been charged with operating a money laundering scheme after Australian Federal Police (AFP) investigators uncovered over $500,000 in cash, luxury gold watches, and a gold bar at his Strathfield residence.
The AFP began investigating the suspect due to suspected links with transnational money laundering networks and organised crime groups. During a search warrant executed on November 15, authorities seized the cash, five mobile phones, five luxury watches, and a gold bar.
The man faces charges under the Criminal Code Act 1995 (Cth) for dealing with proceeds of an indictable crime, where the value exceeded $100,000. If convicted, he could face a maximum penalty of three years in prison.
After being granted conditional bail, the accused appeared in Downing Centre Local Court on November 22 and is scheduled to reappear on January 21, 2025.
AFP Detective Acting Superintendent Luke Needham emphasized the dangers of money laundering, describing it as a shadow economy that undermines national security, the economy, and the social system. He stated, “Money laundering syndicates enable further crimes by providing illicit funds, and we are committed to disrupting these operations.”
This arrest highlights ongoing efforts by Australian authorities to combat financial crimes and disrupt organised criminal enterprises.
AFP