Australia Charges Four Over $123M Crypto Money Laundering Ring
Four individuals have been charged in connection with a Queensland money laundering network accused of moving $123 million in illicit cash into cryptocurrency. The Australian Federal Police (AFP) and other agencies conducted 14 raids in Brisbane and the Gold Coast following an 18-month investigation. Investigators found approximately $110,370 in crypto, $30,000 in cash, encrypted devices, business documents, vehicles, properties, and bank accounts. The scheme allegedly funneled drug money through a Gold Coast security company, using shell businesses and classic car sales to launder funds. A 32-year-old man from Brisbane has been remanded for laundering $6.16 million, while the company's director and general manager were granted bail after being charged with handling over $6.4 million in criminal proceeds. A 58-year-old linked to a classic car dealership faces multiple charges for laundering $4.1 million. Authorities emphasize the growing use of cryptocurrency for hiding illicit funds, with over $110 million in assets restrained in the past year.
