$2 million Blow to Criminal Network as Federal Police Strips Assets and Cash in Brisbane

Brisbane, Australia - An Australian Federal Police-led taskforce has secured court orders to forfeit and restrain nearly A$2 million (US$1.4 million) in cash and luxury assets, targeting the financial foundations of a syndicate allegedly involved in large-scale drug trafficking.

The Brisbane District Court on Thursday issued a forfeiture order for A$1.7 million in cash that investigators discovered hidden under a bed at a Brisbane property.

The residence belonged to the former partner of an alleged member of a criminal network that police say manufactured and distributed illicit drugs across Queensland, New South Wales and the Northern Territory.

The court also moved to restrain a further A$235,000 in assets, including a boat (pictured) and additional currency, identifying the items as suspected proceeds of crime.

The action was coordinated by the Criminal Assets Confiscation Taskforce (CACT), a multi-agency body that focuses on stripping organized crime of the "lavish lifestyles" often funded by illegal activity.

"The profits derived from criminal activity are often used to fund further criminal acts," said AFP Commander Jason Kennedy.

"Criminals seek to enjoy lavish lifestyles as a result of their illegal activities, with funds often derived from the exploitation of our community. We see this as an affront to hard-working Australians who are doing the right thing," he said 

Under Commonwealth proceeds of crime laws, authorities can restrain assets using a civil standard of proof.

This allows the government to freeze wealth and property even in the absence of a related criminal conviction or ongoing prosecution.

Once the legal proceedings are finalized, the assets will be liquidated by the Australian Financial Security Authority (AFSA).

The resulting funds are then deposited into the Commonwealth Confiscated Assets Account, where they are placed under the jurisdiction of the Attorney-General.

The AFP confirmed that these funds are eventually reinvested into the community, financing crime prevention programs, law enforcement initiatives and intervention schemes.

The taskforce involved in the seizure brings together specialized resources from the Australian Taxation Office (ATO), the Australian Border Force (ABF) and the Australian Transaction Reports and Analysis Centre (AUSTRAC), the nation's financial intelligence agency.