Federal agents have dismantled an alleged international money laundering organisation in a sting carried out in Sydney last week. 

Police last week seized properties and luxury assets estimated to be worth at least $150 million and arrested and charged nine suspects.

The AFP alleges the syndicate was acting as an unregulated multi-national bank to facilitate transactions for criminal clients and laundered $150 million in its own profits.

“This syndicate, we’ll be alleging, could launder between $6- to $8 million a day,” AFP commissioner Reece Kershaw told Ray Hadley.

“It’s been going for quite a while. Our taskforce has done incredibly well in being able to uncover [them].”

The arrests bring to an end a property-buying spree in a new suburb allegedly owned and developed by Chinese organised crime near Sydney’s second international airport.

“This is how the syndicates work: these operations are like a business,” the commissioner continued. “They take a percentage, and this is a percentage.

“So you can start to work out how much is being laundered through these syndicates.”

Press PLAY below to hear the full interview 

Image: Australian Federal Police