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Brief
On "01/10/2024", the "Australian Transaction Reports and Analysis Centre (AUSTRAC)" issued an update regarding "Case study: Money laundering through cybercrime".
A major international criminal syndicate was identified using fraudulently-obtained identities to commit large-scale cybercrimes, resulting in stolen funds exceeding $3.3 million. The syndicate laundered $2.5 million by transferring funds to a contact in Asia and purchasing luxury goods prior to remitting proceeds back to the syndicate in Australia through digital currencies.
The Australian Taxation Office's Serious Financial Crime Taskforce (SFCT) led the joint investigation, which resulted in the arrest of a Melbourne woman who was sentenced to five years and six months imprisonment for her central role in the syndicate. This case highlights the importance of vigilance in detecting suspicious financial transactions and reporting them to AUSTRAC.
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