Karen Tan, 07 June 2021
You might not have heard of it before, or even know what it is, but “cuckoo Smurfing” is a sneaky way organised criminals engage in money laundering, by exploiting the legitimate bank accounts of individuals and businesses in Australia.
It is used to move illegal funds into Australia and disguise profits from criminal activities. The key targets appear to be Australian expatriates and exporters, international students studying in Australia, international investors and migrants wishing to settle in Australia.
When Australia’s financial crime regulator, AUSTRAC, released its new financial crime guide last week (3 June 2021), it warned businesses and consumers about the “cuckoo Smurfing” method, and described it as a “sinister practice with an endearing name.” Continue reading “Article: Financial crime regulator warns about the world of ‘cuckoo Smurfing’”