AUSTRAC collaborates with partner agencies including the Australian Taxation Office to combat ML and other crimes through initiatives like the Serious Financial Crime Taskforce

In 2018, a joint investigation by the SFCT revealed a major international criminal syndicate that exploited stolen identities from darknet markets to commit large-scale cybercrimes, resulting in the opening of over 60 Australian bank accounts and an estimated theft of US $3.3 million. The group laundered US $2.5 million by transferring funds to an offshore contact in Asia, who then purchased luxury goods and remitted the proceeds back to the syndicate…