Sydney man arrested over alleged role in transnational money laundering network

Australian authorities have charged a Sydney man who allegedly laundered millions of dollars for multiple organized criminal syndicates.



The Australian Federal Police said the 40-year-old man is accused of being a member of a transnational network that laundered more than 86.6 million dollars. He was arrested after authorities executed search warrants at two western Sydney homes on Tuesday and has been charged with two counts of recklessly dealing with proceeds of crime.



If convicted of both charges, he faces a maximum punishment of 25 years' imprisonment. The AFP said it began an investigation in February and will allege in court that the Sydney man controlled shell company bank accounts used by the network to transfer millions of dollars in criminal proceeds that were converted into cryptocurrency or sent overseas.



Officers executing the search warrants on Tuesday seized around 528,000 dollars in cash as well as luxury goods, a cash counting machine and electronic devices, which will undergo forensic examination.



AFP Detective Superintendent Peter Fogarty said that the arrest should serve as a warning that authorities will target anyone who helps criminals conceal and move their illicit wealth.