Laundering exchange

Australian Federal Police Bust $10 Billion Money Laundering Syndicate

The Australian Federal Police have busted a $10 billion Chinese crime ring in Melbourne’s eastern suburbs. 

Over 240 police from the AFP and the financial crimes authority AUSTRAC were deployed to action search warrants on Wednesday across Melbourne. 

The searches led to the arrest of seven people in the eastern suburbs who are alleged to have been a part of a multi-billion-dollar organised crime syndicate. 

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Police have accused the alleged members of laundering nearly $229 million in organised crime funds through the Changjiang Currency Exchange. 

The $229 million is believed to be one part of over $10 billion transferred by the currency exchange within the past three years. 

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The $10 billion also includes legal transfers. 

Police have arrested three Australian citizens and four Chinese nationals which includes three women and four men. 

According to the AFP, the ‘Long River’ laundering syndicate is one of the most substantial on record in Australia. 

A Chinese national has also been charged with using the exchange to launder around $100 million in funds stolen from the victims of an investment scam.

Assets worth approximately $50 million have been seized from the alleged operators of the syndicate. 

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