• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Tuesday 3 June 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Australian Federal Police crack Chinese crime syndicate said to have laundered AU$229 million running “legitimate” international money transfer business

Ben Blaschke by Ben Blaschke
Fri 27 Oct 2023 at 06:02
Australian Federal Police crack Chinese crime syndicate said to have laundered AU$229 million running “legitimate” international money transfer business

dav

23
SHARES
566
VIEWS
Print Friendly, PDF & Email

The Australian Federal Police have arrested seven members of an alleged Chinese organized crime syndicate it says laundered almost AU$229 million (US$145 million) by way of its own prominent international money transfer business, Changjiang Currency Exchange.

According to details released on Thursday, the case is unique in that the operation did not operate out of the shadows like most money laundering cases but ran in plain site given that much of Changjiang Currency Exchange’s business was legitimate.

As a registered money remitter, the company was legally able to facilitate international money transfers from one customer to another, allowing individuals to access funds that have been converted to their currency of choice.

The Changjiang Currency Exchange, which has 12 shop fronts in every state in Australia, has transferred in excess of AU$10 billion (US$6.3 billion) in the past three financial years with most of these funds from customers engaged in lawful actions.

However, the AFP alleges the company facilitated a system for organized criminals to secretly transfer unlawfully-obtained money in and out of Australia in amounts totalling almost AU$229 million between 2020 and 2023.

Authorities said Thursday that Changjiang Currency Exchange is being secretly run by the Long River money laundering syndicate, with money laundered by the syndicate being from the proceeds of crime, including from “cyber-enabled scams”, the trafficking of illicit goods and violent crimes.

It is alleged the syndicate would coach its criminal customers how to create fake business paperwork such as false invoices and bank statements, which enabled criminal customers and the Changjiang Currency Exchange to show authorities that unlawfully-gained money was from lawful sources in the event the transfers came to the attention of authorities.

It is also alleged the Changjiang Currency Exchange profited from every transaction it made and charged higher fees for customers with unlawful funds than customers with lawful funds.

The AFP said the co-mingling of legal and illicit funds enabled the company to transfer up to AU$100 million (US$63 million) a day for customers in Australia and throughout the world, with the volume of transfers masking the alleged laundering of tainted funds. Further, it is alleged the Changjiang Currency Exchange sought to avoid undue regulatory attention by actively making efforts to appear legitimate in its reporting.

“The AFP will allege the Changjiang Currency Exchange was able to hide its illegal behaviour because it looked like a legitimate and lawful money remitter,’’ said AFP Assistant Commissioner Stephen Dametto.

“The reason why this investigation was so unique and complex was that this alleged syndicate was operating in plain sight with shiny shopfronts across the country – it was not operating in the shadows like other money laundering organisations.”

Authorities have seized “houses and investment properties, luxury vehicles, and other high value luxury property items” suspected of being purchased with tainted money.

“We allege they lived the high life by eating at Australia’s most extravagant restaurants, drinking wine and sake valued in the tens of thousands of dollars, travelling on private jets, driving vehicles purchased for AU$400,000 (US$253,000) and living in expensive homes, with one valued at more than AU$10 million (US$6.2 million),” Assistant Commissioner Dametto said.

The arrested syndicate members include four Chinese nationals and three Australian citizens.

RelatedPosts

Survey on Australia-China relations finds most Australians keen to encourage more Chinese tourism

Regulating the Game launches Call for Speakers for 2026 event in Sydney

Mon 2 Jun 2025 at 13:24
Queensland regulator looking into Townsville, Cairns casinos over unlicensed junket links: report

Australia’s financial crime watchdog sets sights on regional casinos The Ville and Mindil Beach

Sun 1 Jun 2025 at 09:33
Ainsworth flags 1H25 revenue growth on Australian market strength but Novomatic takeover facing opposition by family of founder

Ainsworth chair says higher R&D investment necessary to boost global market competitiveness

Thu 29 May 2025 at 05:49
A moral defense of gambling

A moral defense of gambling

Wed 28 May 2025 at 18:19
Load More
Tags: AustraliaAustralian Federal PoliceChangjiang Currency Exchangemoney launderingmoney transferOrganised crime
Share9Share2
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Foreigner-only casinos: Seize the day

Editorial – Foreigner-only casinos: Seize the day

by Ben Blaschke
Thu 29 May 2025 at 13:38

I was recently asked by someone working at a foreigner-only casino for my thoughts on the outlook for the Asian...

On the brink

On the brink

by Pierce Chan
Thu 29 May 2025 at 13:27

The transition period for Macau’s 11 satellite casinos is set to expire at the end of this year, after which...

A moral defense of gambling

A moral defense of gambling

by Andrew Russell
Wed 28 May 2025 at 18:19

Economist Andrew Russell explores the differences between community benefit and in-principle arguments for the existence of a legal gambling industry...

Face to face

Face to face

by Ben Blaschke
Wed 28 May 2025 at 18:08

Konami caught the eye at the recent G2E Asia show in Macau with its SYNK Vision Tables, which utilize facial...

Evolution Asia
Aristocrat
GLI
Mindslot
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

A who’s who of Thai society to join major local media contingent for TECR 

A who’s who of Thai society to join major local media contingent for TECR 

by Ben Blaschke
Tue 3 Jun 2025 at 18:55

The Thai Entertainment Complex Roundtable (TECR), taking place this Thursday 5 June at Grand Hyatt Erawan Bangkok, will see a very select audience of around 50 invited guests as well as leading local mainstream media in attendance.  This unique event...

Victory against all odds: How Paris Saint-Germain won the UEFA Champions League for the first time

Victory against all odds: How Paris Saint-Germain won the UEFA Champions League for the first time

by Newsdesk
Tue 3 Jun 2025 at 17:30

CLIENT PROMOTION For years, world-class footballers have been the face of Paris Saint-Germain (PSG). Stars like Zlatan Ibrahimović, Neymar, Messi and Kylian Mbappé thrilled fans with dazzling performances and consistent triumphs in Ligue 1. The squad’s lineup of star newcomers...

FBM Philippines closes the first semester of 2025 with exciting Champion sa Panalo Ngayong Hunyo promotion

FBM Philippines closes the first semester of 2025 with exciting Champion sa Panalo Ngayong Hunyo promotion

by Newsdesk
Tue 3 Jun 2025 at 17:26

CLIENT PROMOTION FBM Champion sa Panalo Ngayong Hunyo is set to close the first semester in the Philippines with exciting thrills and prizes. Organized by the global gaming brand, this campaign runs from 4 to 28 June across more than...

Macau GGR comes in at MOP$18.9 billion in April, up 1.7% year-on-year

Macau government lowers 2025 GGR forecast to US$28 billion

by Pierce Chan
Tue 3 Jun 2025 at 16:06

The Macao SAR Government announced Tuesday that it has lowered its gross gaming revenue estimate for 2025 to MOP$228 billion (US$28.2 billion), or an average of MOP$19 billion (US$2.35 billion) per month – down from a previous estimate of MOP$240...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English