Australian woman arrested in a „cash for Bitcoin“ money laundering operation

An Australian woman was arrested by police at a Sydney shopping centre on May 1, after allegedly selling Bitcoin (BTC) for AUD 60,000 (USD 38,800) in cash.

According to a report in the Daily Mail Australia, the woman was accused of leading a money laundering syndicate in the country since 2017.

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Caught in flagrante delicto

During the arrest of this 52-year-old woman, police seized A$60,000 in cash, 3.8 BTC (worth US$37,000 at this year’s price) and a mobile phone. Later, officers searched a nearby apartment, finding more Bitcoin Formula Software, Crypto Cash Software, Bitcoin Gemini Software, Bitcoin Revolution Software, Bitcoin Compass Software, computers and electronic storage devices, along with another USD 11,700 at Bitcoin.

The woman was charged with three counts of knowingly dealing with the proceeds of crime and violating the requirements of the digital currency exchange service.

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Money laundering syndicate
Local detectives say the woman has been operating a money laundering syndicate, which they have been actively investigating since November 2018. The syndicate is believed to have been operating since 2017, and has made transactions worth A$5 million (USD 3.23 million) at Bitcoin since that date.

As for the arrest, the commander of the cybercrime squad, Detective Superintendent Matt Craft, explained:

„This is the first arrest made by CyberCrime detectives in relation to substandard digital currency providers in New South Wales, and is believed to be the first of its kind in Australia.“

He also issued a warning to other illicit digital currency providers, stating that „their actions will not go unnoticed.

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As reported by Cointelegraph, Australian tax authorities have recently undertaken significant operations to encourage crypto-investors to meet their tax obligations.

And earlier this month, a senior executive from the Australian Taxpayers‘ Alliance made her first investment in Bitcoin, to the delight of the local cryptocommunity.