In February, the Australian Federal Police (AFP) smashed an alleged A$10bn ($6.5bn) global money-laundering syndicate in Sydney. Law enforcement agents seized hundreds of millions of dollars-worth of real estate, cash and luxury items and arrested nine people for multiple money-laundering and proceeds of crime offences.
The operation has underscored Australia’s status as the destination of choice for laundering illicit funds in the Asia-Pacific. Every year, untold billions are funnelled through the country’s economy, according to the AFP, with the real estate and gambling sectors uniquely exposed to this scourge.
