Australia Charges Four Over $123M Crypto Money Laundering Ring

Australian police have charged four over their alleged involvement in a Queensland-based money laundering network that is accused of moving $123 million in illicit cash into crypto.

On June 5–6, the Australian Federal Police (AFP)‑led Criminal Assets Confiscation Taskforce (CACT), alongside the Queensland Joint Organised Crime Taskforce (QJOCTF) and other agencies, executed 14 targeted raids across Brisbane and the Gold Coast following an 18-month federal investigation, according to a Monday statement from the Australian Taxation Office.

Investigators uncovered crypto estimated at $110,370, along with $30,000 in physical cash, encrypted devices, business documents, vehicles, properties, and bank accounts.

Authorities allege the scheme funneled drug money and criminal proceeds through a Gold Coast security company that offered armored transport services, then washed the funds using shell businesses, classic car sales, and crypto exchanges.

The company is accused of converting massive volumes of physical cash into crypto to obscure its origins.

‘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,” said AFP Detective Superintendent Adrian Telfer in a Monday statement.

A 32-year-old man from Heathwood in Brisbane, accused of laundering $6.16 million over 15 months, has been remanded in custody and is appearing in court today.

Authorities claim he used a sales promotion company, registered in his wife’s name as a “straw director,” to receive funds from the security company.

The company’s director and general manager, both from Maudsland, were granted bail after being charged with dealing in proceeds of general crime worth over $6.4 million.

A 58-year-old West End man, linked to a classic car dealership accused of washing $4.1 million, also faces multiple money laundering charges.

Crypto and money laundering

The case shows how crypto is increasingly used to hide illicit funds, with Australian authorities warning it’s a favored tool for organized crime.

CACT has restrained over $110 million in assets in the past year, much of it crypto-related, bringing total seizures since 2019 to $1.2 billion.

In July 2024, the AFP-led CACT restrained $333,779 in crypto as part of a $10.1 million asset seizure in the Gold Coast money laundering case.

The restrained assets also included seven properties worth $8.4 million, $1.12 million in cash, and over $76,000 held across multiple bank accounts.

Last month, a Queensland man forfeited a $2.9 million portfolio, including a waterfront mansion and nearly 25 BTC, after AUSTRAC, Australia’s financial intelligence agency, flagged suspicious activity linked to a 2013 crypto theft.