Four charged over alleged Queensland money laundering scheme

Four people allegedly involved in an elaborate Queensland-based money laundering scheme that smuggled cash around the country and washed millions of dollars of criminal proceeds have been charged following an 18-month, multi-agency investigation.

The AFP-led Criminal Assets Confiscation Taskforce (CACT) has also restrained assets across Queensland and NSW suspected of being the proceeds of crime, which have a combined value of about $21 million and include 17 properties, bank accounts and vehicles.

More than 70 members from the Queensland Joint Organised Crime Taskforce (QJOCTF), comprised of the AFP, Queensland Police Service, Australian Border Force, the Australian Criminal Intelligence Commission, AUSTRAC and Australian Taxation Office, executed 14 search warrants at homes and businesses across Brisbane and the Gold Coast on 5 and 6 June.  

AUSTRAC and the ATO also provided analytical expertise and support during the investigation, which was centred on Southeast Queensland but also monitored cash dead drops in multiple cities around Australia.

A 32-year-old Brisbane man (pictured, main image) from Heathwood, who was allegedly a major client of the money laundering operation and washed $9.5 million in 15 months, was charged on with money laundering and failing to provide the password to a mobile phone. He has been remanded in custody and is scheduled to face Brisbane Magistrates’ Court today.

In December 2023, the QJOCTF began investigating suspicious financial transactions. The investigation linked the Heathwood man to a company that had received millions of dollars transferred by suspicious third-party transactions.  

Investigators following the money trail allegedly identified the man was a customer of a sophisticated money laundering operation allegedly being run through the armoured transport unit of a security company that transferred $190 million cash into cryptocurrency.    

Investigations into the source of the $190 million converted into cryptocurrency by the security company remain ongoing.

A 48-year-old Gold Coast man and 35-year-old woman, who were the director and general manager respectively of the security business, were each charged on Friday with a money laundering offence. The couple, from Maudsland, was granted watchhouse bail and is scheduled to face Southport Magistrates Court on 21 July.

Another Brisbane man, aged 58, from West End, who allegedly funnelled laundered money through a business account to a separate business account controlled by the Heathwood man, was also charged on Friday with two money laundering offences. He was granted watchhouse bail and is scheduled to face Brisbane Magistrates Court on 1 August.

The QJOCTF alleges the Gold Coast-based security company used a complex network of bank accounts, businesses, couriers and cryptocurrency accounts to launder millions of dollars of illicit funds over 18 months.

The security company, which transferred cash between businesses and banks, allegedly mixed cash from its legitimate business arm with illicit funds deposited by suspected criminals.

To further obfuscate the source of the funds from law enforcement, the security company allegedly channelled the money through a web of transactions including through a sales promotion company, a classic car dealership and cryptocurrency exchange services.

The organisation then paid out the funds to beneficiaries using cryptocurrency or those third-party companies.

The Heathwood man allegedly controlled the sales promotion company and received about $9.5 million in cash and cryptocurrency originating from the security company over 15 months.  

The QJOCTF will allege the Heathwood man attempted to distance himself from the money laundering scheme by setting his wife up as a ‘straw director’ of the promotions company, while he maintained effective control.

The QJOCTF alleges the West End man was the director of a classic car dealership that received about $6.4 million from the security company and laundered it through his business over a 17-month period.  

The director allegedly opened at least seven bank accounts with different banks to conceal the source of the money as he moved it around. The illicit money was then allegedly mixed with legitimate money from the car dealership before being transferred to the sales promotions business.

It is alleged the security company was also the front for the movement of millions of dollars of illicit cash from other states to Southeast Queensland for laundering.

The cash, which was allegedly generated by organised criminal ventures, was left at dead drop locations around the country and collected by a network of couriers who sent it as domestic cargo on flights to Queensland. It was then collected by the security company’s couriers in Southeast Queensland.

During search warrants last week, investigators seized crypto wallets containing about $170,000 in cryptocurrency, $30,000 cash, encrypted devices, along with business records and documents related to the alleged money laundering scheme.

The 48-year-old Maudsland man – the director of the security company – was charged with one count of dealing with the proceeds of general crime, worth $10 million or more. The maximum penalty for this offence is 15 years’ imprisonment.

His wife, aged 35, who was the general manager of the business, was charged with one count of dealing with the proceeds of general crime, worth $10 million or more. The maximum penalty for this offence is imprisonment for life.

AFP Detective Superintendent Adrian Telfer said money laundering undermined Australia’s national security, the economy and social security system.

“Many Australians are feeling the financial pinch but remain law-abiding and honest citizens,” Det Supt Telfer said.

“Criminals always choose greed over decency and will constantly find opportunities to increase their wealth at the expense of others. 

“We allege this organisation intentionally concealed and disguised the source, value and nature of their illicit money, and distanced themselves from the funds to try to avoid getting caught by authorities.

“This plot was elaborate and calculated, and it demonstrates the lengths criminals will go to make money.

“Money laundering investigations are incredibly challenging due to the complex web of deception used by criminals, and this crime cannot be tackled by one agency alone.

“This result is a testament to the great work done by the investigators, forensic accountants in the QJOCTF, the CACT, and our Taskforce Avarus partners,” he said.

Queensland Police Service Crime and Intelligence Command, Detective Acting Superintendent David Briese, from the Drug and Serious Crime Group, said money laundering was far from a victimless crime.

“Criminal networks use money laundering to legitimise their profits and exploit legitimate businesses, harming communities and economies. It fuels serious organised crime, enabling everything from drug trafficking and exploitation to fraud and violence,” Det a/Supt Briese said.

“This case demonstrates both the complexity of money laundering operations, and the extreme lengths criminals will go to conceal their illicit gains.

“The result reflects the strength of our collaboration across law enforcement, intelligence, and regulatory bodies, and our shared commitment to protecting the public from the harms of serious and organised crime,” h esaid.

Investigations are ongoing, and Police have not ruled out further arrests.