FlexiNews: U.S. authorities arrested an Australian businessman over an extradition request for allegedly running a network of 2,500+ shell companies to launder illicit funds for transnational criminal groups

U.S. authorities allege the network was designed to conceal beneficial ownership and facilitate cross-border movement of illicit funds, allowing criminal proceeds to flow through the global financial system with reduced detection. Investigators claim the structures were allegedly used by transnational criminal groups, including drug trafficking organisations and sanctioned entities, to obscure transactions and integrate illicit funds into legitimate markets…