26 Nov 2020
Two men have been arrested and charged over illegal transfers of currency into offshore accounts as part of an investigation that began in June.
Australian police have charged two men in NSW as part of ongoing investigations into an international money laundering operation.
The two were arrested last week and hit with dozens of charges for providing designated remittance services, despite not being registered with AUSTRAC to provide this service. The men are said to have illegally transferred more than AUD 2.3 million into offshore accounts.
The investigation began in June 2020, after police officers attached to Sutherland Police Area Command established Strike Force Royala to probe a criminal syndicate responsible for fraud-related matters and the illegal transfer of funds to offshore accounts.
Strike force investigators were also assisted throughout the investigation by the Cybercrime Squad and Financial Crimes Squad, and specialist financial intelligence was provided by AUSTRAC.
Prior to the arrests, strike force investigators executed search warrants at the two men’s homes, which resulted in seizures of over AUD 170,000 in cash, 64kg of silver bullion worth about AUD 55,000, and two ounces of gold bullion worth about AUD 5000. Documentation and electronic items were also seized.
Read more at Regulation Asia
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