---
title: "Chinese-Australian money laundering group dismantled in Sydney"
description: "Australian authorities said they dismantled a Chinese-Australian money-laundering syndicate and seized assets worth more than A$150 million (R1.8-billion) in one of the country’s biggest operations of its kind."
type: "NewsArticle"
publisher: "Daily Maverick"
site: "https://www.dailymaverick.co.za"
section: "International Finance"
author: "Bloomberg"
author_url: "https://www.dailymaverick.co.za/author/bloomberg/"
canonical_url: "https://www.dailymaverick.co.za/article/2023-02-03-chinese-australian-money-laundering-group-dismantled-in-sydney/"
published: "2023-02-03T06:03:03"
lang: "en-ZA"
word_count: 276
---

# Chinese-Australian money laundering group dismantled in Sydney

> Australian authorities said they dismantled a Chinese-Australian money-laundering syndicate and seized assets worth more than A$150 million (R1.8-billion) in one of the country’s biggest operations of its kind.

By Bloomberg · Published 3 February 2023, 08:03 SAST

## Key points
- Nine members of an international money-laundering organisation have been charged by the Australian Federal Police (AFP). The group allegedly moved billions of dollars around the world, helping criminal gangs launder money. The items seized included cryptocurrency, watches, handbags, jewellery and firearms. Additionally, more than 20 homes in Sydney worth over A$66-million and a A$47-million tract of land near a future airport were also seized. The AFP allege that the group acted like an underground bank and charged up to 10% on transactions to people who were unable to transfer large amounts of cash out of China. This bust brings into question Australia's status as a money-laundering base and exposes potential loopholes in real estate rules.
- Nine members of a money-laundering organisation have been charged by the Australian Federal Police
- The group moved illicit funds around the world, helping several international criminal gangs launder money
- More than 20 homes in Sydney and a A$47-million tract of land near the future second airport were seized
- The bust raises questions about Australia’s status as a money-laundering base and exposes potential loopholes in rules governing real estate

## Content

Australian Federal Police charged nine members of the organisation including its Sydney-based leader, it said in a [statement](https://www.afp.gov.au/news-media/media-releases/property-and-cash-restrained-alleged-money-laundering-group-charged) on Thursday. According to the AFP, the group moved illicit funds around the world, helping several international criminal gangs launder money. The items seized included cryptocurrency, as well as watches, handbags, jewellery and firearms.

More than 20 homes in Sydney, including two in the city’s eastern suburbs worth more than A$19-million combined, and a A$47-million tract of land near the future second airport were also seized.

“The Sydney-based group acted like an underground bank and had branches all around the world,” assistant commissioner Kirsty Schofield said at a media briefing.

The bust raises further questions about Australia’s status as a money-laundering base, and exposes potential loopholes in rules governing real estate. Official investigations into the country’s biggest casino operators in recent years [uncovered holes](https://www.bloomberg.com/news/articles/2022-04-10/cascade-of-allegations-threatens-future-of-australian-casinos) in financial controls and probable money laundering on gaming floors.

According to the *Sydney Morning Herald*, the organisation moved billions of dollars offshore through a [shadow-banking network](https://www.smh.com.au/national/nsw/property-grab-afp-smashes-alleged-10-billion-chinese-money-laundering-operation-20230201-p5ch7k.html?utm_source=substack&utm_medium=email) spanning Asia, the Caribbean, Switzerland, America and the United Arab Emirates. One of those arrested was a business partner of former casino junket king Alvin Chau, who was last month [jailed in Macau](https://www.bloomberg.com/news/articles/2023-01-18/macau-ex-junket-king-alvin-chau-sentenced-to-18-years-in-prison) after being found guilty of charges including criminal association, illicit gambling and fraud. The AFP declined to comment to Bloomberg News on the person’s links.

The AFP alleged the money-laundering organisation amassed its wealth providing funds to people in Australia who were unable by law to transfer large amounts of cash out of China. The group charged a fee of up to 10% of the value of the money, the AFP said. **BM/DM**