Losing the Lambo a bigger threat than jail: crims feel financial sting

The Age

15 hours ago

The assets end up with the Australian Financial Security Authority. Last financial year, the value of confiscated assets jumped by a third to $586 million with the proceeds used for crime prevention programs.
In many cases, the goods being confiscated by the taskforce either hold their worth or become even more valuable. This includes property but can include luxury watches or handbags made by Hermes and Louis Vuitton.
In a recent case, the taskforce was able to restrain $20 million in assets from a Sydney pharmacist alleged to have defrauded the Pharmaceutical Benefits Scheme over a nine-year period. The assets taken include two Lamborghinis, two Ferraris, seven BMWs and a mansion.
The taskforce brings together elements of the federal police, border force, the Australian Taxation Office, the Australian Criminal Intelligence Commission and AUSTRAC. The agencies trace, restrain and confiscate assets including a growing number of cryptocurrencies.
Last week, AUSTRAC revealed a nationwide operation has found 90 scam victims and money mules who had been identified as the prolific users of cryptocurrency ATMs.
The people had largely been coerced into moving money through the ATMs of which there has been an explosion around Australia. In 2019 there were 23 of the machines but AUSTRAC estimates there are now more than 1800.
Over the same period, the number of ordinary cash ATMs has fallen by 19 per cent or more than 5500.
AUSTRAC chief executive officer Brendan Thomas said while a large number of crytpo ATM transactions were illicit, in almost every case it had looked at the people involved were victims, rather than criminals.
The agency has recently imposed minimum standards on crypto ATM providers including a $5000 limit on cash deposits and withdrawals.
The federal police has also in recent years widened its understanding of cryptocurrencies and other digital assets. This has included specific training and awareness of the investment class and ways that it can be traced and seized.
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Federal police have seized about $70 million in various cryptos since 2019.
While crypto was increasingly being seized, cash remains core business for criminals. Last year, a West Australian man was sentenced to 6 months jail after more than $3.6 million in cash was found in his house, heat-sealed in plastic wrapping.
Jerga said while cash always had a strong attraction for organised crime, there was growing interest in crypto given the technology behind it that enabled people to hide their identities.
'We're trying to understand the big cash stockpiles that we once might have found. Are we still coming across them as frequently and, if not, why not?' he said.
'There could be a transference into crypto at an earlier phase and stage than once might have been the case. We're keeping an eye on [that] and trying to understand it better. But whether it's cash or crypto … they're both obviously still very attractive to organised crime.'
The sophistication of organised crime groups and money laundering syndicates has also meant broadening their investment into commercial properties which Jerga said were of 'quite considerable value'.