AUSTRAC details an alleged $123 million laundering network that used shell companies and crypto
AUSTRAC calls it crime as a service: a network supplying other criminals with the infrastructure to move, convert and disguise their proceeds. The investigation remains ongoing.
What AUSTRAC released
AUSTRAC published an account on 3 November 2026 of a Taskforce Avarus investigation it supported into an alleged transnational money laundering network. Taskforce Avarus is an Australian Federal Police-led, multi-agency initiative. The group is suspected of laundering more than $123 million for multiple organised crime syndicates.
AUSTRAC states the network allegedly converted criminal cash into cryptocurrency and moved funds offshore through shell companies operating as corporate money mules. On 27 October, AUSTRAC assisted the Australian Federal Police to execute search warrants in Strathfield and Burwood, and investigators seized an estimated $750,000 in cash.
Who has to act
Since 1 July 2026, AUSTRAC has regulated certain designated services typically provided by real estate professionals, lawyers, conveyancers, accountants, trust and company service providers and dealers in precious stones, metals and products.
A business that provides a designated service must maintain an AML/CTF program, made of a risk assessment and AML/CTF policies, and must conduct initial and ongoing customer due diligence. Ongoing due diligence includes monitoring customers for money laundering, terrorism financing and proliferation financing risks.
What to do now
The newly regulated professions include trust and company service providers, lawyers and accountants, and AUSTRAC says the network allegedly moved funds through shell companies. AUSTRAC says moving funds through different accounts, entities, assets or jurisdictions can make it harder to identify who really controls the money.
Start with the risk assessment, then the client files it governs, then the transaction records.
- Risk assessment: confirm it names shell companies, cryptocurrency and offshore transfers as risks for each service you provide
- Company client files: check the beneficial owner is identified and the company's activity matches its stated purpose
- Law or agency trust ledger since 1 July 2026: cash deposits soon moved to crypto exchanges or offshore companies
Sources
- PrimaryAUSTRAC, Shell companies, crypto and offshore transfers reveal the business of money laundering (3 November 2026)Retrieved 4 Nov 2026
- PrimaryAUSTRAC, About the AML/CTF reformsRetrieved 30 Oct 2026
- PrimaryAUSTRAC, Your obligationsRetrieved 30 Oct 2026
- PrimaryAUSTRAC, Overview of ongoing customer due diligenceRetrieved 30 Oct 2026
