In decisive action against money laundering, the Australian Federal Police (AFP) has restrained assets totalling $15.6 million, including waterfront properties, cash, cryptocurrency, and bank funds. This was enforced via an application through the Proceeds of Crime Act 2002 (Cth) in the District Court of Queensland on 26 July 2024.

This enforcement comes as a result of an in depth investigation led by the AFP’s Criminal Asset Confiscation Taskforce (CACT). Since July 2019, CACT has restrained more than $1.1 billion in criminal assets including houses, cars, fine art and luxury yachts.

Investigation Origins

The probe was initiated following intelligence from AUSTRAC regarding two Russian nationals, a 49-year-old man and a 46-year-old woman. The pair, who moved to Australia in 2015, are accused of laundering significant sums into the country through various methods.

Allegedly, these funds were used to purchase or swiftly repay mortgages on multiple Queensland properties, including waterfront locations in Hope Island, Broadbeach Waters, and Runaway Bay, as well as residences in Labrador, Alexandra Hills, and Mount Gravatt.

Earlier this year, the pair faced charges for dealing in the proceeds of crime following an investigation by the Gold Coast Joint Organised Crime Taskforce. They are currently before the courts.

Taskforce and Impact

Acting Commander Amelia McDonald said the CACT worked with criminal investigators to identify and restrain potential proceeds of crime to deliver the maximum impact possible on the criminal environment:

“People engaged in money laundering are motivated by greed and an intent to make illicit profits. We work tirelessly with our partners to disrupt their criminal activities and remove their ill-gotten wealth”.

The AFP’s ability to target and seize criminal assets provides a powerful message to offenders:

“… all your wealth is an illusion which will disappear when we knock on your door”.

Once forfeited to the Commonwealth, those confiscated assets are sold by the Official Trustee in Bankruptcy (Official Trustee) and are then managed to support community crime prevention efforts, diversion programs, and law enforcement initiatives.

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