wmlro.com: money transmitter jailed for laundering
A Sydney-based money transmitter has been jailed for five and a half years for laundering between Australia and Vietnam.
Trang Thi Phuong Nguyen, 54, pleaded guilty to laundering over AUD1.9 million through her money transfer business over a two and a half month period from November 2007 to January 2008. The court ordered that she must serve at least three and a half years before parole can be considered.
The court found that Nguyen divided the money into amounts of less than AUD10,000. Those sums, which were below the cash transaction reporting threshold, were then transferred to beneficiaries in Vietnam using a series of false names.
The Australian Crime Commission estimates that over AUD6,000 million in illicit funds leaves Australia each year with organised crime estimated to cost the Australian community between AUD10,000 - 15,000 million each year.
ACC Chief Executive Officer, John Lawler said the conviction was secured with evidence from an investigation by Task Force Gordian which included significant input from AUSTRAC. Task Force Gordian was established by the ACC Board from May 2005 to June 2007 to combat serious money laundering and tax fraud, and involves the ACC, Australian Federal Police, AUSTRAC, Australian Taxation Office, Australian Customs and Border Protection Service, Victoria Police, New South Wales Police Force and the New South Wales Crime Commission.
Mr Lawler said each agency involved in Task Force Gordian has contributed their specialised capabilities and resources.
“Collectively we have disrupted significant criminal enterprises, with 73 persons charged and in excess of 50 convicted of money laundering and serious drug offences.”
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