Police have smashed an organised Chinese-Australian crime syndicate and seized a record $150 million (US$107 million) of assets, including mansions, property, cash, cryptocurrency, designer handbags, and other luxury items.
The Australian Federal Police (AFP) alleged the group, a global operation headquartered in Sydney, enabled multiple transnational organised crime groups to launder funds derived from criminal activities.
It’s alleged that the group facilitated the movement of illicit money through multiple jurisdictions by multiple means, including exploitation of daigous—a form of exporting by an individual or a syndicated group of exporters outside of China who purchase commodities for customers in China—, casino junkets, and the informal value transfer system, which generally occurs outside conventional banking systems, and laundered over $150 million of its own profits made from this enterprise between 2018 and 2022….