Australian authorities revealed they managed to knock down a Chinese-Australian money-laundering organisation and confiscated assets estimated at more than AU$150 million as part of one of the biggest operations of its kind that have ever taken part in the country.
As a result of the operation, nine members of the aforementioned money-laundering syndicate, including its Sydney-based leader, were charged by the Australian Federal Police (AFP), which confirmed that in a statement issued on February 2nd. According to the AFP, the Chinese-Australian organisation was engaged in moving unlawful funds around the world and by doing so, helping a number of international criminal gangs launder money.
Kirsty Schofield, AFP Assistant Commissioner, said in a media briefing that the money-laundering organisation was found to have acted like an underground bank to serve criminal gangs and had branches all over the world.
The assets that were seized as a result of the action included cryptocurrency, as well as other items, such as jewellery, watches, handbags, and firearms. The operation also saw more than 20 Sydney-based homes, including two situated in the eastern suburbs of the city that are worth over AU$19 million combined, and a tract of land worth AU$47 million and situated in close proximity to the future second airport of the city, also became subject to confiscation.
Enforcement Action Carried Out Following Recent Announcement of Junket Mogul Alvin Chau’s Imprisonment Sentence
The recent operation that saw the enforcement authorities successfully bust the Chinese-Australian syndicate has still raised questions about the country’s status as a base for money-laundering operations and has exposed potential loopholes in Australia’s real estate rules and regulations. The official investigations into the largest casino operators in Australia and the alleged money laundering on their gaming floors have also contributed to uncovering serious flaws in financial controls and anti-money laundering regulations inside and outside of casinos.
According to media reports, the Chinese-Australian organisation helped move billions of AU dollars outside the country by using an extensive shadow-banking network that spanned across Asia, America, Switzerland, the Caribbean, and the United Arab Emirates (UAE).
Reports have revealed that one of the individuals arrested as part of the enforcement action was the gambling mogul Alvin Chau, who was at the time linked to the casino junket operator SunCuty. In January 2023, Mr Chau faced an 18-year imprisonment sentence after being found guilty of charges, which included illicit gambling, fraud, and association with criminal organisations. For the time being, the Australian Federal Police authorities refused to comment on his links to the latest enforcement action regarding individuals and entities linked to international criminal organisations.
According to allegations unveiled by the Australian Federal Police, the Chinese-Australian money-laundering syndicate accumulated its wealth by the provision of funds to Australian people who were not permitted by law to transfer large amounts of cash outside mainland China. The AFP further shared that the group, which association with local gambling operators still remains unconfirmed, charged a fee of up to 10% of the value of the money transferred.
- Author
Olivia Cole
