Australia raids ‘sophisticated’ Chinese money laundering ring operating in ‘plain sight’
- Four Chinese nationals and three Australians allegedly linked to the Long River money laundering ring were arrested during multiple raids conducted across the country
- Police also seized A$50 million in property and luxury vehicles following the 14-month investigation into Changjiang Currency Exchange
Australian Federal Police have dismantled a “sophisticated” Chinese crime syndicate accused of using a money transfer chain as a means to launder almost A$229 million (US$144 million) over the past three years.
The alleged boss of the gang was among those arrested, Assistant Commissioner Stephen Dametto said.
Dametto described the Long River network as a “highly-complex, sophisticated money laundering organisation that had entrenched itself into the very fabric of Australia’s financial services industry”.
Dametto added it sent alarm bells ringing among money-laundering investigators.
“It was just a gut feeling – it didn’t feel right,” he said in a statement. “Many international students and tourists had returned home, and there was no apparent business case for Changjiang Currency Exchange to expand.”