Yet another suspected money laundering ring has been discovered, this time by federal police in Australia.
The Australian Federal Police (AFP) have arrested seven people and seized over A$50 million ($31 million) in property and vehicles linked to an alleged money laundering syndicate, according to a statement.
The arrested individuals are suspected members of Chinese syndicate Long River which is believed to be secretly operating the Changjiang Currency Exchange. The money remittance chain has been accused of laundering A$229 million in criminal proceeds in the past three years.
«Most Complex» Probe
The 14-month investigation found that Changjiang Currency Exchange had transferred A$10 billion during the 3-year period. Most of the transfers were lawful but some were alleged proceeds from unlawful acts such as cyber scams, illegal goods trafficking and violent crimes. According to the statement, this was «the most complex AFP-led money laundering investigation in [Australia’s] history».
«We allege they lived the high life by eating at Australia’s most extravagant restaurants, drinking wine and sake valued in the tens of thousands of dollars, traveling on private jets, driving vehicles purchased for A$400,000 and living in expensive homes, with one valued at more than A$10 million,» said AFP eastern command assistant commissioner Stephen Dametto.
The seven arrested individuals – four Chinese nationals and three Australian citizens – are scheduled to appear in a Melbourne court today.
