According to the daily mail report, an Australian woman was arrested by Sydney police at a shopping center on May 1, for allegedly selling Bitcoin for 60,000 Australian dollars ($38,800) in cash. The woman is being accused of running a money-laundering syndicate in the country since 2017 and has laundered $3.23 million in three years. The 52-year-old woman was caught red-handed by the police with 60,000 Australian dollars and a mobile phone.
The woman is charged with three counts of crime.
After arresting the woman red-handed, police officers searched a nearby apartment and found more mobile phones, computers, and electronic storage devices, along with a further $11,700 worth of Bitcoin with her. The woman is charged with three counts of knowingly dealing with the proceeds of crime and breaching digital currency exchange service requirements. Local detectives claim that the woman has been operating a money-laundering syndicate since 2017 and has transacted AUS$5 million ($3.23 million) worth of cryptocurrency since that date. The 52-year old woman was granted bail and will appear in court on July 20.
The first of its kind arrest in Australia
Cybercrime Squad Commander, Detective Superintendent Matt Craft explained that she is the first arrest executed by them relating to non-compliant digital currency providers in New South Wales, which is believed to be the first of its kind across the country. The Detective Superintendent also sounded a warning to other illicit providers of cryptocurrency exchange, saying, let this arrest be a warning to digital currency exchange providers. If you fail to comply with your obligations, your actions will not go unnoticed, he added. Earlier, The Australian tax authorities have undertaken major operations to encourage crypto investors to comply with their tax obligations.
The Cybercrime Squad Commander, Detective Superintendent Matt Craft, also noted that while cash is still the king, cryptocurrencies are fast becoming the preferred choice for criminal networks involved in money laundering, funding terrorism, and various cybercrimes.
