A Sydney man has been charged over his alleged role in a transnational criminal network suspected of laundering more than $123 million on behalf of multiple organised crime syndicates, with the AFP seizing about $750,000 in cash from a suburban home.
The man, 40, has been charged with one count of recklessly dealing with proceeds of crime worth $10 million or more, contrary to section 400.2B(6) of the Criminal Code (Cth) and one count of recklessly dealing with proceeds of crime worth $100,000 or more, contrary to section 400.4(2) of the Criminal Code (Cth)
The offences each carry maximum penalties of 15 years’ and 10 years’ imprisonment, respectively.
He has been refused bail to appear before the NSW Bail Division Court today (28 October, 2026).
Taskforce Avarus – an AFP-led multi-agency initiative with AUSTRAC, the Australian Criminal Intelligence Commission (ACIC) and Australian Border Force (ABF) to combat criminal networks laundering money in Australia – began an investigation in February, 2026.
The AFP will allege the network offered money laundering services to organised crime syndicates by converting cash derived from criminal activity, commonly known as “dirty money”, into cryptocurrency or transferring it offshore through shell companies operating as corporate money mules.
It will be alleged the network used a range of sophisticated methods to conceal the source and movement of the alleged criminal proceeds and avoid law enforcement detection.
The AFP will allege the Sydney man controlled shell company bank accounts used to transfer millions of dollars in criminal proceeds, which were converted into cryptocurrency or remitted overseas.
Yesterday (27 October 2026), the AFP, with assistance from AUSTRAC, executed search warrants at homes in Strathfield and Burwood.
During the searches, investigators seized an estimated $750,000 in cash, which was found in two grocery bags, as well as multiple luxury handbags and watches, a cash-counting machine and electronic devices, which will undergo further forensic examination.
The man was subsequently arrested and charged. Investigations remain ongoing.
AFP Detective Superintendent Peter Fogarty said disrupting money laundering networks was critical to combating organised crime.
“Organised crime groups rely on money laundering networks to conceal their profits, move funds across borders and reinvest in further criminal activity,” Det-Supt Fogarty said.
“The AFP will allege this network used sophisticated financial structures, including shell companies, cryptocurrency and offshore transfers, to disguise the source and movement of criminal proceeds.
“Criminal groups may believe complex corporate arrangements will protect their money from law enforcement, but the AFP and its partners are working together to trace illicit funds and identify the people facilitating their movement.
“This arrest should serve as a warning to anyone providing financial services to organised crime: you are an essential part of the criminal business model, and the AFP will target you if you help criminals conceal and move their illicit wealth.”
