Police seize over $10 million in assets from Canberra money launderer

The ACT man was charged Thursday with one count of handling property using proceeds of crime after eight ACT homes, four luxury cars and millions of dollars in cash and cryptocurrency were seized.

Police said the combined cars were worth more than $800,000 and the man had 28 bank accounts and about $600,000 in cryptocurrency.

A 35-year-old man has been charged with one count of dealing in property reasonably suspected to be the proceeds of crime in the amount of $100,000 or more. (AFP)

The AFP will allege that he used “sophisticated” transactions to launder cash and cryptocurrencies from the sale of stolen personal IDs, illegal goods, scams and illegal online gambling.

The man faces a maximum sentence of three years in jail and was granted bail to appear in court.

Acting AFP Commander Scott Raven said money laundering was a threat to Australia’s economy and national security.

Police seized more than $1.5 million in cash hidden inside a Canberra home.
Police seized more than $1.5 million in cash hidden inside a Canberra home. (AFP)
The man was granted bail, due to appear in court at a later date.
The man was granted bail, due to appear in court at a later date. (AFP)

“Money laundering is also widely used to finance other criminal activities that affect the safety of our community,” he said.

“The AFP has a unique ability to disrupt groups suspected of criminal activity where it hurts them most: to seize their profits and prevent them from using those funds in future companies.”

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