In a major operation, the Australian Federal Police (AFP) has restrained waterfront properties, a high-rise unit, cash, cryptocurrency, and funds held in bank accounts following an extensive money laundering investigation on the Gold Coast. The AFP-led Criminal Asset Confiscation Taskforce (CACT) applied to restrain the assets, worth an estimated $15.6 million, under the Proceeds of Crime Act 2002 (Cth) in the District Court of Queensland on 26 July 2024.
The seized assets include seven Queensland properties valued at approximately $12.96 million, cryptocurrency worth an estimated $514,000, $1.95 million in cash, and around $118,000 in bank accounts. This investigation began following intelligence provided by AUSTRAC concerning two Russian nationals, a 49-year-old man and a 46-year-old woman, who are now subjects of the restraint action.
The couple, who moved to Australia in 2015, are alleged to have laundered funds into the country using various methods. It is alleged that these funds were used to purchase or rapidly repay mortgages for multiple Queensland properties, including waterfront locations in Hope Island, Broadbeach Waters, and Runaway Bay, as well as houses in Labrador, Alexandra Hills, and Mount Gravatt, and a high-rise unit in a Milton complex.
Earlier this year, the man and woman were charged with dealing in the proceeds of crime after an investigation by the Gold Coast Joint Organised Crime Taskforce (GC JOCTF). They remain before the courts.
Acting Commander Amelia McDonald emphasised the importance of the CACT’s role in disrupting criminal activities. “People engaged in money laundering are motivated by greed and an intent to make illicit profits. We work tirelessly with our partners to disrupt their criminal activities and remove their ill-gotten wealth,” she stated. “The AFP’s ability to target the means by which criminals launder their money and seize these profits sends a message to criminals – all your wealth is an illusion which will disappear when we knock on your door.”
The AFP-led CACT leverages the combined expertise of the AFP, Australian Border Force (ABF), Australian Taxation Office (ATO), Australian Criminal Intelligence Commission (ACIC), and AUSTRAC. Together, these agencies trace, restrain, and ultimately confiscate criminal assets. Once forfeited to the Commonwealth, these assets are sold by the Official Trustee in Bankruptcy, with the proceeds placed into the Confiscated Assets Account. The funds can then be allocated by the Attorney-General to benefit the community through crime prevention and other law enforcement measures across Australia.
Since July 2019, CACT has restrained more than $1.1 billion in criminal assets, including houses, cars, fine art, and luxury yachts. The GC JOCTF is a multi-agency taskforce comprising members from the AFP, Queensland Police Service, ACIC, Department of Home Affairs, ABF, AUSTRAC, and ATO.
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