Australia, Italy, and India Join Forces to Crack Down on Chinese Money Laundering Mafia
In the past two months, there's been a significant rise in the connection between international money laundering and Chinese gangs, as recently exposed by international raids. The United Nations Office on Drugs and Crime estimates the value of the illegal money laundering market to be approximately $2 trillion annually.
The Australian Federal Police (AFP) have recently taken action against a money laundering syndicate, codenamed "Long River." This week, they confiscated assets worth over AU$50 million (US$32 million) and arrested seven individuals, four of whom are Chinese nationals and three being Australian citizens. The majority of the criminal proceeds, amounting to AU$229 million (US$145.07 million), were derived from illicit activities like cyber fraud, trafficking illegal goods, and involvement in violent crimes. This is the third China-linked money laundering bust by the AFP this year.
Previously, an AFP operation led to the arrest of a Chinese national who is believed to have laundered AU$100 million (US$63.35 million) with the assistance of an Australian crime syndicate. In February, they detained nine members of a Chinese-Australian money laundering syndicate, resulting in the seizure of assets totalling over AU$150 million (US$95.02 million).
In addition, in Italy, 33 people were arrested for their roles in money laundering operations. Reports from Reuters confirmed that seven Chinese nationals were among them. This group acted as brokers, laundering as much as $53 million for various organizations, including the 'Ndrangheta mafia. Only about 20% of the operation has been dismantled, according to Colonel Francesco Ruis, who's with Italy's Guardia di Finanza.
Additionally, India's financial crime agency detained four individuals involved in a money laundering scam. Among them was Guangwen Kuang, the Chinese national serving as Vivo's head of administration. Indian law enforcement has also arrested Xiaomi, Vivo's competitor, and its owner, China's BBK Electronics, for alleged criminal activity. They are accused of aiding in the transfer of funds to a news portal under investigation for spreading Chinese propaganda.
Vivo currently holds the second-largest market share in India's smartphone industry, with 17% of shipments, making it a sizable player in the industry, as per Counterpoint's research.
Another money laundering scandal connected India and Dubai. Indian authorities have charged 14 people with links to Mahadev Book, an illegal sports betting app. Nine of these individuals are currently at large. The app was established by two Indian entrepreneurs but based in Dubai. It is suspected of making as much as $24 million a day and used a network of individuals across Asia, including China, to launder its proceeds.
Lastly, in September, Spanish police raided an international criminal group responsible for laundering money from drug traffickers across Europe and Asia. They arrested 27 people, including Chinese and Albanian nationals. Reportedly, they handled as much as $68 billion during their year of operation, though it's believed the actual amount could be higher. Chinese individuals played crucial roles within the group, as stated by authorities.
Two agents recruited Asian businesses, specifically targeting Chinese restaurants and independent shops throughout Spain, to facilitate the money laundering process.
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Source: www.casino.org
