Aussie Crypto Laundering Ring Busted Masquerading as Security Firm
Australian authorities charged four individuals in connection with a $190 million AUD ($123 million) crypto laundering operation linked to a cash-in-transit security company. The Australian Federal Police froze approximately $21 million AUD ($13.6 million) in suspected criminal assets across Queensland and New South Wales. The investigation, initiated by the Queensland Joint Organized Crime Taskforce in December 2023, revealed that the security company allegedly laundered criminal proceeds into cryptocurrency using its armored vehicle unit as a front. One suspect reportedly laundered $9.5 million AUD ($6.2 million) over 15 months through a scheme that blended legitimate business earnings with illicit cash. Laundered funds were distributed to beneficiaries in cryptocurrency or via front businesses. Rising instances of crypto-related crime have led to physical violence and intimidation, including kidnappings in France linked to digital assets. Law enforcement continues to leverage blockchain transparency to trace illicit transactions despite criminals using advanced techniques to obscure their activities.
