A Sydney man has been charged with money laundering after Australian Federal Police (AFP) investigators discovered over $500,000 in cash, luxury gold watches, and a gold bar at his Strathfield home.
The AFP launched an investigation into the 42-year-old suspect, alleging he was part of a transnational money laundering network linked to organised crime groups.
During a search on 15 November 2024, officers seized the cash, five luxury brand watches, five mobile phones, and a gold bar.
Authorities claim the man allegedly operated a money laundering scheme involving proceeds of crime. He has been charged under the Criminal Code Act 1995 (Cth) with dealing in property suspected to be from an indictable offence valued at $100,000 or more, an offence carrying a maximum penalty of three years’ imprisonment.
AFP Detective Acting Superintendent Luke Needham warned about the dangers of money laundering, describing it as a serious threat to national security, the economy, and society.
“Money laundering syndicates are sophisticated, international groups with one purpose – to provide a shadow economy enabling more crime,” Det A/Supt Needham said.
The man appeared in Downing Centre Local Court on 22 November 2024 and was granted conditional bail. He is due back in court on 21 January 2025.
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