Property grab: AFP smashes alleged $10 billion Chinese money-laundering operation

, who was sensationally jailed in Macau last week after being exposed in Australian media reports and casino commissions of inquiry as having links to money laundering and organised crime.

Federal agents have also seized a 360-hectare plot of land in Cawdor, near Camden, which Ma bought for $47 million in August. Police intelligence suggests the syndicate had aspirations to develop the land into a small suburb, given its proximity to the planned Western Sydney international airport. The alleged role of a lawyer and migration agent, Chang Hong Liu, and an accountant, Raymond Luo, in the Xin MLO’s operation, as well as its property purchases, will ramp up pressure on the federal government to introduce long-stalled “Tranche 2” laws. The laws would force accountants, real estate agents and lawyers to face the same obligations as bankers and casinos to report suspected money laundering.

The AFP alleges Xin, who fled China, where he is wanted for running an illegal gambling enterprise, obtained Australian citizenship and partnered with Chinese businessman Zhouhua Ma to provide this service. Police allege these ghost accounts or shelf companies would then move the funds onto the criminal syndicates that had provided the original funds.

While the syndicate engaged in counter-surveillance, including the use of encrypted phone devices, the federal police gradually built a picture of its operations in Australia and overseas. The Commonwealth Bank declined Tara Global’s $11 million loan application as it appeared suspicious, so the figures behind Tara Global contacted an alleged trusted insider at NAB, Chen Zhang. He gave them advice about making a fresh application with another financier, Latrobe Finance.

“This was a sophisticated, complex syndicate established to facilitate the movement of funds regardless of their origin, purpose or harm caused to the Australian community,” Assistant Commissioner Schofield said.

Australia Latest News, Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Property grab: AFP smashes alleged $10 billion Chinese money-laundering operationNine people have been charged and $150 million worth of property and luxury goods seized after police uncovered an industrial-scale crime ring operating globally out of Sydney.
Source: smh - 🏆 6. / 80 Read more »

Three Russians under sanctions own UK property via overseas entitiesAlexander Frolov, Igor Shuvalov and Vladimir Potanin own properties via BVI, Cyprus and Russia The Enemy within our Midst
Source: GuardianAus - 🏆 1. / 98 Read more »

Australian trade minister to meet Chinese counterpart next week as relationship thawsA long-awaited meeting between Australia and China's top trade officials will take place next week. For the rock lobster industry, a lift on trade bans can't come soon enough It’s so good Australians voted for a government that knows how to obey China and knows to keep mouth shut about corona origin. Is he going to discuss the purchase of nuclear powered submarines from US and AUKUS deal? Perhaps trade minister will mention Chinese aggression About 20 billion lost because of the ineptitude of the LNP
Source: abcnews - 🏆 5. / 83 Read more »

Exodus of wealthy Chinese accelerates with end of COVID zeroPresident Xi Jinping’s decision to dismantle COVID travel restrictions is accelerating an exodus by wealthy Chinese, who could fuel billions of dollars in capital outflows as they plough cash into property and assets abroad. NickLenaghan billbirtles Exodus by wealthy Chinese means more unaffordable housing for Australia as old charmers are pulled down and replaced by duplex mansions
Source: FinancialReview - 🏆 2. / 90 Read more »

Taiwan scrambles fighter jets as Chinese military aircraft cross buffer zoneTaiwan's Defence Ministry says 20 Chinese aircraft have crossed the central line in the Taiwan Strait that has long been an unofficial buffer zone between the sides. Cool heads needed . Blow em out of the sky 🇹🇼🇹🇼🇹🇼🇹🇼🇹🇼🇹🇼🇹🇼 Chinese are based taiwanese govt should do right thing by it's people and cede immediately the Chinese are gonna win anyway.
Source: abcnews - 🏆 5. / 83 Read more »

Taiwan activates defences after Chinese incursionTaiwan's Defence Ministry said 20 Chinese aircraft on Tuesday crossed the central line in the Taiwan Strait, which long been an unofficial buffer zone between the sides. 9News China will invade Taiwan in the next decade.
Source: 9NewsAUS - 🏆 10. / 72 Read more »