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One million dollars seized in money laundering investigation

Three people have been arrested in the Bankstown area and charged with money laundering and dealing in the proceeds of crime offences.

Members of the Australian Federal Police and NSW Police Force, assisted by officers of the Australian Border Force and Australian Criminal Intelligence Commission executed a series of search warrants on eight premises and a number of vehicles around the Bankstown region in relation to an ongoing investigation, which began in May 2017.

During the course of the investigation, cash estimated to total in excess of $1 million was seized by authorities. A further $105,000 in cash was seized at a Bankstown premises associated with the search warrants.

A 25-year-old Bankstown woman, a 27-year- old Bass Hill man, and a 27- year- old Bankstown man were arrested in connection with the seized currency and charged with dealing in proceeds of crime – money or property worth $100,000 or more – contrary to Section 400.4(1) Criminal Code 1995 (Cth).

The maximum penalty for this offence is 20 years imprisonment, and/or a fine of $252,000.

The 25-year-old Bankstown woman has been granted bail to appear at Sutherland Local Court on 22 November 2017; the 27-year-old Bass Hill man was remanded to appear in the Bankstown Local Court on Thursday, 26 October 2017; and the 27-year-old Bankstown man has been granted bail to appear at Burwood Local Court on 21 November 2017.

Source: AFP

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