International Finance: Chinese-Australian money laundering group dismantled in Sydney

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Australian authorities said they dismantled a Chinese-Australian money-laundering syndicate and seized assets worth more than A$150 million (R1.8-billion) in one of the country’s biggest operations of its kind.

Australian Federal Police charged nine members of the organisation including its Sydney-based leader, it said in aon Thursday. According to the AFP, the group moved illicit funds around the world, helping several international criminal gangs launder money. The items seized included cryptocurrency, as well as watches, handbags, jewellery and firearms.

More than 20 homes in Sydney, including two in the city’s eastern suburbs worth more than A$19-million combined, and a A$47-million tract of land near the future second airport were also seized. “The Sydney-based group acted like an underground bank and had branches all around the world,” assistant commissioner Kirsty Schofield said at a media briefing.

The bust raises further questions about Australia’s status as a money-laundering base, and exposes potential loopholes in rules governing real estate. Official investigations into the country’s biggest casino operators in recent years

 

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For sure they have a branch in South Africa. Do any of these China mall businesses pay VAT, PAYE, Custom duties , minimum wages?

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