9-6-2025 – A sophisticated money laundering syndicate, accused of funneling $123 million in illicit funds through cryptocurrency, has been dismantled in Queensland, with Australian authorities charging four individuals following an intricate 18-month investigation. The Australian Federal Police (AFP)-led Criminal Assets Confiscation Taskforce (CACT), in collaboration with the Queensland Joint Organised Crime Taskforce (QJOCTF) and other agencies, conducted 14 precision raids across Brisbane and the Gold Coast on June 5–6, seizing a trove of assets including $110,370 in cryptocurrency, $30,000 in cash, encrypted devices, vehicles, properties, and bank accounts, according to a statement from the Australian Taxation Office.
At the heart of the scheme was a Gold Coast security firm, purportedly offering armoured transport services, which allegedly served as a conduit for drug money and other criminal proceeds. The operation is said to have laundered vast sums by channeling cash through shell companies, classic car transactions, and cryptocurrency exchanges, effectively masking the origins of the tainted funds. “This group went to great lengths to obscure the source and value of their ill-gotten gains, distancing themselves from the money to evade detection,” AFP Detective Superintendent Adrian Telfer said in a statement.
Among those charged is a 32-year-old man from Heathwood, Brisbane, accused of laundering $6.16 million over 15 months through a sales promotion company registered under his wife’s name as a nominal director. Remanded in custody, he faces court today. Two others, the director and general manager of the security firm, both from Maudsland, were granted bail after being charged with handling over $6.4 million in criminal proceeds. A 58-year-old man from West End, linked to a classic car dealership that allegedly washed $4.1 million, also faces multiple laundering charges.
The case underscores the growing nexus between cryptocurrency and organised crime, with Australian authorities sounding the alarm over digital currencies’ role in concealing illicit wealth. The CACT has intensified its crackdown, restraining over $110 million in assets—much of it crypto-related—in the past year alone, contributing to $1.2 billion in seizures since 2019. In a related Gold Coast case in July 2024, the taskforce seized $333,779 in cryptocurrency alongside $8.4 million in properties, $1.12 million in cash, and $76,000 in bank accounts. Separately, a Queensland man recently forfeited $2.9 million in assets, including a waterfront mansion and nearly 25 BTC, after AUSTRAC flagged suspicious transactions tied to a 2013 crypto theft.
This latest operation signals Australia’s resolve to choke off the financial lifelines of organised crime, as authorities continue to unravel the complex interplay of cryptocurrency and money laundering.
