Financial Crime World

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Money Laundering in Australia: A Growing Concern for Law Enforcement Agencies

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Aussies are being warned about the rising threat of money laundering in the country, a crime that funds and supports serious and organised criminal activity. The Australian Federal Police (AFP) has launched a major operation to combat this menace, dubbed Operation Avarus, which aims to disrupt the flow of illicit funds and assets.

What is Money Laundering?

Money laundering is a complex process that involves concealing the illegal origins or intended use of money or property. This can be done through various means, including:

  • Using shell companies
  • Fake invoices
  • Other financial instruments

The goal is to make it difficult for authorities to trace the source of the funds back to their criminal activity.

Types of Facilitators Involved in Money Laundering

The AFP has identified several types of facilitators involved in money laundering, including:

  • Money Laundering Organisations (MLOs): Criminal groups that specialize in moving illegal funds through the financial system.
  • Professional Enablers: Individuals who provide services or expertise to help conceal illegal activities, such as lawyers, accountants, and financial advisors.
  • Self-Laundering Organised Crime Groups: Criminal groups that engage in money laundering as part of their criminal activity.
  • Criminal Clients: Individuals or groups who seek to launder money for personal gain.

These individuals or groups often work together to move illegal funds through the financial system, hiding their tracks and making it challenging for investigators to track them down.

A Significant Case: Changjiang Currency Exchange

One of the most significant cases in recent years involves a money remittance service called Changjiang Currency Exchange, which has been accused of laundering almost $229 million over three years. The AFP alleges that this company was secretly run by a Chinese organised crime group known as the Long River money laundering organisation and had ties to cybercrime victims.

Operation Avarus-Nightwolf

Operation Avarus-Nightwolf, a 14-month investigation led by the AFP, resulted in the restraint of almost $60 million, including over $7 million in bank accounts. The operation involved collaboration with several government agencies, including:

  • AUSTRAC
  • Australian Border Force
  • Australian Criminal Intelligence Commission
  • United States Department of Homeland Security Investigations

Reporting Suspected Money Laundering Activities

The public is being urged to report any suspected money laundering activities to the authorities. If you suspect someone is laundering large sums of money or valuable assets, or if you believe their activities are linked to other criminal activity, such as drug importation, fill out the AFP’s Report a Crime form.

Remember: Your information could help disrupt illegal activities and bring criminals to justice!