©2018-2019 by The GRC Institute - Governance, Risk & Compliance.  ABN: 42862119377

Real estate proceeds of crime seized

November 28, 2018

 

The Australian Federal Police (AFP) announced earlier this week that their Criminal Confiscation Taskforce (CACT) has ‘restrained’ $5.2 million in real estate in Victoria which takes the amount restrained to $15.2 million.

 

In an official statement that this part of an ongoing investigation into proceeds of crime investigation into funds that are being laundered by Chinese nationals.

 

Real estate will be of one of the areas that will come under the AML/CTF act enforced by AUSTRAC when tranche 2 to regulate Designated Non-Financial Business and Professions (DNFBPs) comes through in Australia, but the financial intelligence unit (FIU) is yet to establish a timeline for this implementation, despite it being one FATF recommendations.

 

According to the AFP this is part of separate operation happening in both Sydney and Melbourne where they have restrained a total of $8.5 million.

 

The AFP said that the recently restrained $5.2 million is related to the following offences:

  • Dealing with property reasonably suspected of being proceeds of crime contrary to section 400.9 of the Criminal Code 1995 (Cth);

  • Providing false or misleading information to a reporting entity contrary to section 136(1) of the Anti-Money Laundering and Counter Terrorism Financing Act 2006 (Cth); and

  • Producing false or misleading documents to a reporting entity contrary to section 137(1) of the Anti-Money Laundering and Counter Terrorism Financing Act 2006 (Cth).

     

     

     

     

     

     

     

     

     

Please reload

Suggested Posts
Please reload

Tags
Please reload