What is Considered Money Laundering in Australia?

Most of us have heard the term “money laundering”, but what does it mean? Can someone be involved in money laundering and not know it?

Money laundering means hiding, disguising, or legitimising that money was used in or derived from criminal activity. This money is also referred to as the proceeds of a crime. Money laundering often occurs in the banking systems and money transfer services and plays a significant role in organised crime.

Contact an experienced criminal defence lawyer to learn more about your rights and legal options if you have been charged with money laundering.

Money Laundering in Queensland

In Queensland, money or property used or resulting from a crime is referred to as “tainted.” A person commits a money laundering offence if they knowingly or recklessly:

  • Engage directly or indirectly in a transaction involving money or other property that is tainted.
  • Received, had possession of, disposed of or brought into Queensland money or other property that is tainted.
  • Concealed or disguised the source, existence, type, location, and ownership or control of tainted property.

To knowingly engage in money laundering requires that you know or should have reasonably known the property was tainted. To recklessly engage in it, you knew there was a substantial risk the property was tainted, but you proceeded with the transaction anyway.

To hide the source of money without raising suspicion, money launderers will create complicated money trails, break up large amounts of cash, and deposit the smaller amounts in different banks.  Other techniques include buying assets in the name of a family member or gambling the money at casinos.

How a Criminal Defense Lawyer Can Help with Money Laundering Charge

A criminal defence lawyer will ensure that your interests are represented and protected to the fullest extent possible.  If a case is brought against you, the prosecution must prove several elements beyond a reasonable doubt. The first is to prove you were engaged in a transaction involving tainted money or property. Second, is that you did so knowingly.

A lawyer can argue one of several defences on your behalf. First, you didn’t know the money or property were the proceeds of a crime and that you didn’t knowingly receive, take possession, dispose of, or bring them into Queensland.

Your lawyer may also argue that the stolen money or property didn’t originate from a crime. Another possible defence is that you were acting under duress.

Penalties for money laundering

Money laundering offences are taken seriously on the national and state levels, and the penalties are severe. If the courts suspect that the money or property stems from a crime, they can freeze or seize the assets.

In Queensland, if you knowingly engage in money laundering, you could receive a maximum penalty of 3 000 penalty units ($399,000) or imprisonment of  20 years.

If you recklessly engage in money laundering, you could face a maximum penalty of 1 500 penalty units ($199,500) or ten years in prison.

Suppose you receive, possess, dispose of, bring into Queensland, conceal or disguise property that could reasonably be suspected of being tainted. In that case, you could face a maximum penalty of 100 penalty units ($13,300) or two years in prison.

Conclusion

The penalties for money laundering can be very steep, so retaining experienced counsel is imperative. A skilled criminal defence lawyer can assess your case and the potential fines and advise you on how best to proceed.