Australia: Sydney Police Bust Firm for Laundering $70 million

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July 12 2019

Sydney authorities arrested three individuals on Thursday for running a business that acted as a front for a US$70 million money laundering syndicate serving organized crime groups, a New South Wales Police press release announced.

At face value the business was an ordinary security firm that offered its services to retail, industrial, and commercial companies. However, the company allegedly accepted cash from organized crime groups and then moved it through a series of financial transactions in order to hide its origins. The money was then withdrawn and passed back to crime syndicates either in Australia or abroad.