Raids earlier this month by the Australian federal police provided a rare window into the shady world of international money laundering. Australia is far from a model global citizen when it comes to cracking down on money laundering – and property has become a favoured vehicle for organised crime to hide and transfer dirty money.
The AFP arrested nine people, including the alleged head of the money-laundering organisation, Stephen Xin, at his Vaucluse home. They have now been charged with multiple money-laundering and proceeds-of-crime offences, allegedly carried out in support of the organisation’s extensive activities.
