The Australian Federal Police (AFP) has charged two men and seized more than $1.25 million following a four-month money laundering investigation.
A 57-year-old Baulkham Hills man and a 53-year-old Castle Hill man were arrested in Parramatta on October 2 and will face Downing Centre Local Court today.
The AFP investigation began in June 2009 following a referral from the Australian Crime Commission’s (ACC) Financial Intelligence Assessment Team.
The money, suspected to be the proceeds of crime, was allegedly handed to the 53-year-old man and deposited into a bank account before allegedly being transferred to various countries overseas.
The AFP, subsequently executed search warrants on residential addresses in Baulkham Hills and Castle Hill and a business address in Parramatta on October 2.
On that date, the 53-year-old man was arrested in possession of more than $600,000, while more than $578,000 was located during the search warrant at the Baulkham Hills residence.
AFP National Manager Economic and Special Operations Mandy Newton said the arrests were a strong message to organised crime that unlawful activities including dealing with the proceeds of crime continue to be the focus of the AFP.
“The AFP works closely with partner agencies, such as the Australian Crime Commission, the Australian Tax Office and AUSTRAC to disrupt financial based crimes,” Assistant Commissioner Newton said.
ACC Chief Executive Officer Mr John Lawler said the arrests demonstrated the value of financial intelligence in minimizing the damage to the Australian economy caused by organized crime.
The two men have been charged with possession of money reasonably suspected of being the proceeds of crime, contrary to section 400.9 of the Criminal Code Act 1995.
The maximum penalty for this offense is two years imprisonment.
The ACC’s Financial Intelligence Assessment Team is represented by the ACC, Australian Customs and Border Protection Service, AFP, Australian Securities and Investment Commission, Australian Taxation Office, AUSTRAC, Centrelink and the Department of Immigration and Citizenship.
Source: AFP
Net News Publisher for World News
