Australian Federal Police Uncover Money Laundering Syndicate
The Australian Federal Police (AFP) has discovered a money laundering syndicate known as the Long River syndicate. This group is accused of using the Changjiang Currency Exchange to launder around $229 million in illegal funds over the past three years. In a series of targeted raids called Operation Avarus-Nightwolf, authorities seized high-value properties and vehicles worth approximately $50 million.
Changjiang Currency Exchange Exposed
The AFP has exposed the Long River syndicate, a money laundering network that allegedly utilized the Changjiang Currency Exchange. Over the last three years, around $229 million in illicit funds have been laundered through twelve establishments across Australia. As a result of the investigation, four Chinese nationals and three Australians were arrested in Melbourne’s eastern suburbs and are expected to face court soon.
The AFP’s Assistant Commissioner, Stephen Dametto, explained that suspicions arose due to the expansion of the Changjiang Currency Exchange during COVID-19 lockdowns. This raised concerns, considering the decrease in international students and tourists. The AFP discovered connections between the currency exchange and known money laundering groups, alleging that it facilitated unlawful money transfers for organized criminals.
Unveiling the Intricate Web of Money Laundering and Luxurious Lifestyles
The Long River syndicate is believed to have engaged in money laundering activities totaling $228,883,561 between 2020 and 2023. Authorities suspect that some of these funds came from cyber-enabled scams, illicit goods trafficking, and violent crimes. The syndicate assisted its criminal clients by creating fake business records such as forged invoices and bank statements to make the illicit funds appear legitimate.
Members of the syndicate lived lavish lifestyles, frequenting expensive restaurants, traveling by private jets, and residing in multi-million-dollar homes. To avoid detection, they reportedly obtained counterfeit passports for $200,000 each. Assistant Commissioner Dametto described the Long River syndicate as a highly sophisticated and deeply entrenched money laundering group within the financial services industry. Authorities are confident that the charges filed will disrupt the flow of illicit funds in Australia.
Hot Take: Australian Federal Police Busts Money Laundering Syndicate
The Australian Federal Police have made a significant breakthrough in their fight against money laundering with the dismantling of the Long River syndicate. By exposing their use of the Changjiang Currency Exchange, authorities have put a stop to the alleged laundering of $229 million in illegal funds over the past three years. This operation has resulted in arrests and the seizure of valuable assets. The investigation uncovered connections between the currency exchange and other money laundering groups, indicating a wider network involved in unlawful activities.
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