The AFP-led Criminal Assets Confiscation Taskforce (CACT) has secured the forfeiture of $641,980 in cash and luxury watches estimated to be worth about $90,000, which were seized by police during a drug trafficking investigation in Perth.
The CACT began an investigation after AFP criminal investigators executed search warrants at a warehouse and hotel rooms in Malaga and Innaloo allegedly linked to two men in September 2022, where they located and seized about 5.7kg of methamphetamine, the cash and two luxury watches.
The CACT investigated the source of the assets, and successfully applied to the District Court of Western Australia under the Proceeds of Crime Act 2002 (Cth) to have the cash and two luxury watches restrained and forfeited, with the consent of the two suspects.
The two men were charged with trafficking a commercial quantity of methamphetamine and money laundering as part of the criminal investigation and remain before the courts.
AFP Criminal Assets Confiscation Commander Allison Buck said restraining criminal assets and removing the profit from crime was a key strategy to ensure offenders did not enjoy lavish lifestyles at the expense of the community or reinvest tainted wealth into other illicit ventures.
“Many law-abiding Australians are feeling the pain of cost-of-living pressures, but people who gain money illegally can buy properties or enjoy lives of luxury without the same financial restraints,” Commander Buck said.
“The AFP and its partners will ensure people are able to lawfully justify the wealth and assets they accumulate.
“The successful restraint and forfeiture of these assets is testament to the ongoing collaboration of AFP criminal and CACT investigators and litigators, who work hard every day to see the legal process through to completion.
“It is satisfying for our members to maximise their impact on the criminal environment.”
The Commonwealth’s proceeds of crime laws provide powerful tools for the restraint of both proceeds and instruments of crime, as well as financial penalty and unexplained wealth orders, based on a civil standard of proof. These laws operate separately to any criminal prosecution and can also operate when there is no related criminal investigation or prosecution.
The AFP-led CACT brings together the resources and expertise of the AFP, Australian Border Force, Australian Taxation Office, Australian Criminal Intelligence Commission and AUSTRAC. Together these agencies trace, restrain and ultimately confiscate criminal assets.
Once forfeited to the Commonwealth, assets are liquidated by the Official Trustee in Bankruptcy (Official Trustee). The funds derived from the sale of forfeited assets are placed into the Confiscated Assets Account, managed by the Official Trustee on behalf of the Commonwealth.
These funds can be distributed by the Attorney-General to benefit the community through crime prevention measures, diversion programs or other law enforcement measures across Australia.
