Thu. Mar 4th, 2021

Regulation HK

Financial Regulator

Australian Court Jails Cash Wash Owner for Money Laundering

2 min read

The man used express cash deposit facilities at Perth bank branches to help launder more than A$5.6mn for an alleged criminal syndicate.

An Australian court has jailed a Perth car wash owner for 20 months after he was caught funnelling more than AUD 5.6 million through bank accounts on behalf of a money laundering syndicate.

The 37-year-old pleaded guilty on Wednesday (10 February) to three counts of dealing with money reasonably suspected to be the proceeds of crime greater than AUD 100,000 and one count of aiding, abetting, counselling or procuring another person to deal with money reasonably suspected to be the proceeds of crime greater than AUD 100,000.

The man is said to have deposited cash into bank accounts in the names of shell companies controlled by a NSW-based criminal syndicate, which is alleged to have laundered more than AUD 100 million of suspected proceeds of crime through Australian bank accounts.

The AFP (Australian Federal Police) first charged the man in July 2019, after he used ‘express cash deposit’ facilities at bank branches to help launder more than AUD 5.6 million in suspected proceeds of crime. The cash had been delivered to him at the car wash he operated.

The man had also flown from Sydney to Perth on four separate occasions to receive and deposit the cash. He and the people who delivered the money to him are said to have used a ‘token’ to identify each other – a AUD 5 note with a serial number shared between the group.

According to the AFP, the man deposited more than AUD 4.1 million himself and organised for one of his employees to deposit approximately AUD 1.5 million in cash.

The offences occurred between January and March 2019.

The man must serve 12 months’ imprisonment before he is eligible for parole.

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