Four individuals have been charged in connection with an alleged money laundering operation in Queensland that police claim “washed” over $10 million in criminal proceeds. These arrests were made following an 18-month investigation spearheaded by the Australian Federal Police’s Criminal Assets Confiscation Taskforce, resulting in the seizure of around $21 million in suspected illicit assets, which included 17 properties, various bank accounts, and vehicles across Queensland and New South Wales.
The investigation primarily focused on south-east Queensland, where authorities monitored cash “dead drops” in several cities nationwide. It is alleged that the intricate money laundering scheme was primarily conducted by an armoured transport unit of a security company, which reportedly converted $190 million in cash to cryptocurrency. While inquiries into the source of this cash are ongoing, current charges are primarily concerned with the laundering of the aforementioned $10 million.
Among those charged is a 32-year-old man from Heathwood, alleged to be a significant client of the operation, reportedly laundering $9.5 million over 15 months. He was charged with money laundering and failing to provide a mobile phone password and is currently in custody, awaiting a court appearance. Additionally, the director (48) and general manager (35) of the Gold Coast security firm, both from Maudsland, have been charged with money laundering and granted bail, scheduled to appear in court on July 21. A 58-year-old man from West End was also charged for allegedly funnelling laundered money through a business account before redirecting it to the Heathwood man.
According to the Queensland Joint Organised Crime Taskforce, the security company used a complex network of bank accounts, businesses, couriers, and cryptocurrency accounts to obscure the origins of illicit funds over the period of the investigation. It is suspected that the operation involved mixing legitimate business cash with criminal proceeds, utilising various entities, including a sales promotion company and a classic car dealership, to pay out beneficiaries in cryptocurrency or through third-party companies.
Authorities also revealed that millions in illicit cash were transferred from other states into south-east Queensland, where couriers collected cash from “dead drop” locations across Australia, transported it to Queensland as domestic cargo, and retrieved it using the security company’s couriers. During last week’s searches, investigators seized cryptocurrency wallets holding approximately $170,000, $30,000 in cash, encrypted devices, and extensive business documentation.
Detective Superintendent Adrian Telfer from the AFP noted the operation’s elaborate nature, emphasising that money laundering poses a threat to national security, the economy, and community safety. Queensland Police reiterated that money laundering fuels organised crime, while an acting commander from the Australian Border Force warned that cooperation amongst law enforcement agencies will continue to combat these crimes. Further investigations are underway, with additional arrests possible.