These days, cryptocurrencies, drugs and other prohibited stuff go hand in hand.
Australian police, in collaboration with the U.S. federal authorities, seized a group of individuals suspected of money laundering and drugs trafficking.
As part of the ongoing inspection of the illegal drug trade and money laundering using crypto in the state, the authorities apprehended three males aged 34, 39, and 45 Saturday afternoon at a Sydney storage facility.
The officers were supported by the US Department of Homeland Security and the Australian Criminal Intelligence Commission (ACIC). They executed search warrants at two apartments situated inside a Mascot apartment block.
A Huge Stash Of Cash And Crypto
The police confiscated $4.7 million in cash, money counters, mobile phones, laptops, and USB devices that allowed the men to buy Bitcoin and other cryptocurrencies using cash or a debit card.
Additionally, investigators reported that they searched the younger guy and found he was in possession of $120K in cash. The older man carried $51,5K in cash and 13 envelopes containing illicit drugs.
Some five kilos of prohibited narcotics were also found, including heroin, cocaine and methylamphetamine.
The younger guy faces allegations of money laundering and dealing in the profits of crime.
The 39-year-old was indicted with 12 charges, including commercial supply of illicit narcotics and the offence of dealing with proceeds of crime knowingly and intending. On Saturday, he appeared in court and was denied bail by the Central Local Court.
Australian police arrested three men alleged of money laundering and drugs distribution. Source: NSW POLICE
The senior guy was granted conditional release and will appear in court next month on allegations of knowingly dealing with the proceeds of crime and distributing prohibited substances.
According to Detective Supt. Robert Critchlow of the Sydney State Crime Command’s Organised Crime Squad, the seizure and confiscation highlight the efficacy of multi-agency operations in suppressing hazardous crime throughout the state.
“Strike Force Mactier is a well-coordinated multi-agency operation that has shown its ability to disrupt severe organised crime in New South Wales,” Detective Superintendent Robert Critchlow.
Authorities Pass the Crypto Bill
Meanwhile, Australia is showing increasing concerns about the usage of digital currencies. Authorities have proposed regulations to control crypto assets to discourage the illicit use of cryptos for money laundering and terrorist funding.
The Australian police report that cryptocurrency frauds have “exploded” in the context of the COVID-19 outbreak, and they have implemented a “follow the money” policy.
“We look forward to continuing to cooperate with the NSW Police Force and other domestic and foreign partners to ensure the success of our operations,” ACIC executive director of intelligence operations, Robert Jackson, said.
Nine government entities, including the Australian Federal Police, the Australian Taxation Office, and the Australian Federal Police, have joined forces to investigate these criminal actions.