- Australian police broke up a money laundering ring in Queensland that moved $123 million into cryptocurrency.
- Four people were charged after raids in Brisbane and the Gold Coast led to the seizure of crypto, cash, and luxury assets.
- The network used a security company, shell businesses, classic car sales, and crypto exchanges to hide illegal funds.
- The Australian Federal Police (AFP) reported over $110 million in assets were restrained this year, much in crypto.
- Authorities warn that cryptocurrency is increasingly used as a tool for organized crime to conceal profits.
Police in Australia have charged four people for their alleged roles in a Queensland-based network accused of laundering $123 million in criminal funds by converting them into cryptocurrency. The arrests followed 14 coordinated raids across Brisbane and the Gold Coast on June 5 and 6, run by the Australian Federal Police (AFP) and the Queensland Joint Organised Crime Taskforce.
Investigators recovered approximately $110,000 in digital currency, $30,000 in cash, business documents, encrypted electronic devices, vehicles, and luxury properties. The AFP’s asset seizure unit reported confiscating over $110 million in the past year, much of it linked to crypto-related crime, as shared in a statement from the Australian Taxation Office.
Authorities allege the suspects ran illicit cash through a Gold Coast security company, which offered armored transport services, then layered the money through fake corporations, the sale of vintage cars, and various crypto exchanges. According to AFP Detective Superintendent Adrian Telfer, “We allege this organisation intentionally concealed and disguised the source, value, and nature of their illicit money, and distanced themselves from the funds to try to avoid getting caught by authorities.”
One Brisbane man, 32, stands accused of laundering $6.2 million across 15 months using a promotion company listed under his wife’s name. The security company’s director and general manager, both from Maudsland, were charged and granted bail for allegedly dealing with over $6.4 million in criminal proceeds. A 58-year-old man with a classic car dealership in West End was also charged for allegedly helping launder $4.1 million.
Australian officials highlight the increasing use of crypto by organized crime. Since 2019, the AFP’s asset seizure taskforce has restrained $1.2 billion in assets, according to a recent report. In July 2024, the unit seized $333,000 in cryptocurrency as part of a $10.1 million case on the Gold Coast, which also included seven properties, more than $1.1 million in cash, and $76,000 spread across bank accounts.
Last month, another Queensland resident forfeited a $2.9 million portfolio—a waterfront home and nearly 25 Bitcoin—after AUSTRAC, the national financial intelligence agency, flagged links to a 2013 crypto theft.
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