The Australian Federal Police (AFP) is taking action against a Sydney-based cheque-cashing entity, seizing $500,000 in an ongoing investigation into a suspected $1 billion tax fraud operation.
This criminal network is believed to have laundered funds for around 1,200 businesses, aiding them in evading tax responsibilities through false invoicing schemes. The Serious Financial Crime Taskforce (SFCT), led by the ATO, is at the forefront of this multi-agency investigation.
During recent raids across Sydney suburbs, authorities confiscated cash, electronic devices, and incriminating documents, uncovering a network that's facilitating tax fraud on a massive scale.
John Ford, ATO Deputy Commissioner and SFCT Chief, emphasized, "We're committed to stopping these false invoicing practices. We'll hold accountable those who engage in these illegal activities, safeguarding our tax system for honest businesses."
Stay vigilant against tax fraud schemes. Report suspicious activities and stay updated with ATO's resources at ato.gov.au/falseinvoicing.
Source: ATO, Suspected criminal operation accused of laundering $1 billion, [media release], 11 April 2024, accessed 11 April 2024.