The AFP has charged an alleged money launderer following the discovery of more than $500,000 cash, luxury gold watches and a gold bar in a house in Sydney’s inner west.
The AFP began an investigation into the man, 42, after suspecting he was involved in a transnational money laundering organisation and affiliated with organised crime groups.
It will be alleged in court the man was operating a money laundering operation, where he dealt with the proceeds of crime.
AFP investigators executed a search warrant on the man’s Strathfield house on 15 November, 2024, where they seized more than $500,000 cash, five mobile phones, five luxury brand watches and a gold bar.
The man was arrested and charged with dealing with money and property suspected to be the proceeds of an indictable crime and at the time of dealing, the value of the money and property was $100,000 or more, contrary to section 400.9(1) of the Criminal Code Act 1995 (Cth).
The maximum penalty for this offence is three years’ imprisonment.
The man appeared in the Downing Centre Local Court on 22 November, 2024, where he was granted conditional bail. He is scheduled to reappear in the same court on 21 January, 2025.
AFP Detective Acting Superintendent Luke Needham said money laundering undermined Australia’s national security, the economy and social security system.
“Money laundering syndicates are sophisticated, international groups with one purpose – to provide a shadow economy enabling more crime,” Det a/Supt Needham said.
“We will continue to seize illicit funds to disrupt organised crime syndicates from using those profits to fund other illegal ventures.”
