Further action to dismantle international money laundering syndicate
Today, AUSTRAC cancelled the registration of a Melbourne based remitter, AVSForex Pty Ltd (AVSForex), following the conviction of its sole director for money laundering.
This matter came to the attention of AUSTRAC through a referral from the Australian Federal Police (AFP) arising from Operation Zanella, working with the ACC Eligo National Taskforce into the use of remitters by serious and organised crime.
AUSTRAC CEO Mr Paul Jevtovic APM said "Dismantling networks of remitters engaged in laundering money on behalf of organised crime is a key priority for AUSTRAC".
"AUSTRAC works collaboratively with law enforcement agencies to detect, prevent and disrupt money laundering".
Leading up to these outcomes, the AFP conducted 13 warrants in Australia in late September, with a further nine search warrants conducted by the Indian Enforcement Directorate (IED) in India.
"The network uncovered as a result of Operation Zanella is alleged to have been involved in laundering millions of dollars out of Australia on behalf of serious and organised crime," Mr Jevtovic said.
"AUSTRAC is actively considering the registration status of a number of other entities connected with Operation Zanella".
Since the AUSTRAC Remittance Sector Register was established in November 2011:
- seven entities have been refused registration
- five entities have had their registration cancelled , including AVSForex
- 17 entities have had conditions imposed on their registration
- two entities have been suspended.
These actions will reduce the risk of the remittance sector being used by rogue operators. Overtime, this will improve the reputation of the sector and benefit those remitters which operate legitimate businesses.
It is an offence for AVSForex to provide a designated remittance service.
Available for interview: AUSTRAC CEO Paul Jevtovic.
Issued by AUSTRAC Stakeholder Relations:
- Telephone: +61 3 8636 0588
- Email: email@example.com
The remittance sector register is available online.
AUSTRAC (Australian Transaction Reports and Analysis Centre) is Australia's anti-money laundering and counter-terrorism financing regulator and specialist financial intelligence unit. AUSTRAC works with law enforcement and other agencies to protect the integrity of the Australian financial system and fight serious crimes such as drug trafficking, tax evasion, fraud and people smuggling.
Further information about AUSTRAC is available on our Media centre page.