AUSTRAC intelligence leads to gold laundering probe tied to gambling
NSW officer sold AU$1.3m (US$851,000) in family gold to fuel betting habit.
Key points:
– NSW police officer sold 12 stolen gold bars to fund gambling
– AUSTRAC flagged suspicious bullion sales linked to laundering
– Investigation uncovered falsified documents and misconduct
A former New South Wales police officer has been found to have committed serious misconduct after selling AU$1.3m (US$851,000) worth of family-owned gold bars to fund a gambling addiction, following a probe sparked by intelligence from AUSTRAC.
According to findings from the Law Enforcement Conduct Commission (LECC), the officer took 12 gold bars, each weighing 50 ounces, from beneath his mother’s house. The gold had belonged to his uncle. He then sold the bullion to two dealers, using falsified “know your customer” forms and falsely claiming the gold was a gift or inheritance.
The sales were flagged by AUSTRAC, Australia’s financial intelligence agency, which detected large transactions involving a dealer previously linked to money laundering. This triggered Operation Dartmoor, which ultimately led to the officer’s resignation and referral to the Department of Public Prosecutions.
Good to know: From July 2026, AUSTRAC’s regulatory scope will extend to include dealers in precious metals and stones
AUSTRAC CEO Brendan Thomas said the case underscores the vulnerabilities within the bullion sector and the broader risks associated with gambling-related harm.
“When gambling turns into addiction, it can push people into crime including theft and fraud,” he said. “Bullion is valuable and easy to move, which makes it attractive for misuse. Dealers must take their anti-money laundering responsibilities seriously.”
He urged bullion traders to remain vigilant, adding that every transaction could carry risk and must be assessed carefully to prevent criminal exploitation.
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