<
https://www.theguardian.com/australia-news/2023/feb/13/no-questions-asked-money-laundering-thrives-in-australia-because-of-professionals-willing-to-facilitate-it>
"Raids earlier this month by the Australian federal police provided a rare
window into the shady world of international money laundering. Australia is far
from a model global citizen when it comes to cracking down on money laundering
– and property has become a favoured vehicle for organised crime to hide and
transfer dirty money.
The AFP arrested nine people, including the alleged head of the
money-laundering organisation, Stephen Xin, at his Vaucluse home. They have now
been charged with multiple money-laundering and proceeds-of-crime offences,
allegedly carried out in support of the organisation’s extensive activities.
The police also obtained restraining orders over more than 20 properties in
Sydney, worth $150m, including multiple commercial buildings in the CBD, two
high-value houses in Sydney’s eastern suburbs worth more than $19m combined, a
360-hectare tract of land near the site of Sydney’s second international
airport worth $47m, 66 bank accounts, cash and more than $1m in luxury
vehicles.
While luxury cars and trophy homes have been favoured as safe havens for
illicit money in the past, the seizure of a major housing development site on
the fringes of Sydney hints at a whole new dimension to alleged money
laundering."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
