Sydney police have found 5 Million Dollars in Cash in a apartment in what has been described as one of Australia’s largest cash seizures. A 58-year-old US citizen is in custody after police on Saturday found seven suitcases in the Mascot unit he was staying at.
Last year, more than $580 million worth of drugs and assets associated with money laundering were seized. This is one of Australia’s largest cash seizures. The man arrived in Australia via Costa Rica two days before his arrest and denies owning the money. He was charged with one count of dealing with property worth over $100,000, reasonably expected to be the proceeds of crime.
The maximum penalty is three years in jail, but he could face up to 25 years if police charge him with money laundering. The cash will now be used by commonwealth authorities to fight crime. The anti-laundering taskforce over the last year disrupted 18 local and international criminal syndicates, arrested 105 people, laid 190 charges and identified 128 “high risk targets.”
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