Money Laundering in Australia – Covered by Cryptocurrency

Mainland law enforcement authorities have charged three men with distribution of narcotic substances, as well as the use of cryptocurrency for money laundering.

Assistance in the investigation was provided by the US federal authorities. During the search, $4.7 million, 5 kg of drugs, cryptocurrency ATMs, PCs and smartphones were seized from the men.

The detainees were charged with money laundering and drug possession. One of the defendants was denied bail.

Earlier, back in October 2021 in the Australian state of Victoria, the police covered the largest crime syndicate. The investigation found that during its existence, the group laundered money in the total amount of 62 million dollars. She used cryptocurrency as a cover, as well as Chinese student accounts, which had not been used for a long time.

There is also confirmed information that the Australian police were investigating the distribution of drugs through the dark web, which led to the confiscation of cryptocurrency in the amount of $ 6 million.