FROM A
DIFFERENT ANGLE by Kenneth Rijock
Financial Crime Consultant, for World-Check
More about the Author
Australia smashes major money laundering operation
27 October 2006

Australian authorities have arrested 57 people in connection with a crackdown on money laundering groups that were shipping narcotics profits offshore to Hong Kong, Vietnam and Cambodia. These organisations reportedly moved AUD$93m (US$71.4m).

Seizures reported include:

  • AUD$2m in cash, including AUD$1m taken at Sydney Airport, from a laundryman trying to leave the country.
  • 33 kg of heroin, "Ice," and ecstasy.
  • property and assets of the defendants.
Compliance officers and MLROs should note that the destination countries were in southeast asia, and review any relevant large funds transfers that may have transited their institutions enroute to Hong Kong, Vietnam and Cambodia, which originated in Australia.




The facts and opinions stated in this article are those of the author and not those of World-Check. World-Check does not warrant the accuracy of any facts and opinions stated in this article, does not endorse them, and accepts no responsibility for them.

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