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The Australian Federal Police has unveiled a new taskforce focused on taking down money laundering operations in Australia with links to international organised crime.
Task Force Avarus — clever wordplay there, AFP — is a multi-agency operation that’s already taken down a number of money laundering rings. AUSTRAC, the Australian Criminal Intelligence Commission, and the Australian Border Force are all part of the taskforce, alongside a number of international law enforcement agencies.
According to the AFP, money laundering operations in Australia are seeing tens of millions of dollars moved around the country — and internationally — every day.
The money-moving methods come in a number of flavours, including cryptocurrency transactions.
However, a number of the processes are surprisingly low-tech. One money laundering operation taken down by the task force relied on dead drops in bushland areas, while another was based around booby-trapped safehouses to store and sort its ill-gotten gains.
On 1 February alone, the AFP executed 13 search warrants alone, which led to the Criminal Assets Confiscation Taskforce obtaining restraining orders linked to assets totalling in excess of $200 million — including $30 million in crypto.
“These money laundering syndicates being targeted by the taskforce are sophisticated, international groups with one purpose — to provide a shadow economy enabling crime,’’ AFP Assistant Commissioner Eastern Command Stephen Dametto said in an announcement.
“They exist only to launder money on behalf of organised crime and rely on the expertise of professionals, such as lawyers and accountants, to help them evade law enforcement.
“This dirty money that is laundered through our economy is not only bankrolling lavish lifestyles but also funding future crime, such as more illicit drug importations and weapons trafficking. Put simply, without the ability to launder their money, transnational serious organised crime ceases to function.
“While law-abiding Australians are earning an honest day’s living, paying their taxes or being good community citizens, organised crime gangs are using money gained illegally to increase their wealth.
“They are buying homes, commercial property, investing in our financial systems and living large without the financial pressures felt by ordinary Australians.”
David Hollingworth has been writing about technology for over 20 years, and has worked for a range of print and online titles in his career. He is enjoying getting to grips with cyber security, especially when it lets him talk about Lego.
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