CRIME syndicates are buying gift cards from major retailers to launder money in a bid to avoid seizure and prosecution. Source: The Courier-Mail
CRIME syndicates are buying gift cards from major retailers to launder money in a bid to avoid seizure and prosecution.
Law enforcement agencies say crime gangs are buying gift cards to purchase goods, which are then sold to legitimise their illegal cash.
Some of the gift cards, loaded with amounts of up to $500, are bought with stolen credit cards and have been sold at discounted rates on internet shopping sites.
A major criminal syndicate was recently dismantled when law enforcement officials were informed about gift cards being sold at discounted rates on the internet.
It is alleged the crime gang had raised $1.3 million from selling a range of goods.
A spokesman for AUSTRAC, Australia's specialist financial intelligence unit, said it was difficult to estimate how much money was being laundered using gift cards, however, the overall amount laundered in and through Australia was estimated to be at least $10 billion.
"AUSTRAC has seen examples where gift cards have been used to launder relatively small amounts of illicit cash," the spokesman said.
"Gift cards can be purchased in bulk using illicit funds, and then be used to purchase goods, which are then sold to complete the money laundering process.
"They may also be attractive to criminals because they can be purchased and used anonymously and carried or mailed to other locations.
"The disadvantage for criminals attempting to misuse gift cards is that they are issued in relatively low values and generally cannot be re-loaded with funds."
Surveys suggest one in five people this year will spend the bulk of their Christmas budget on gift cards, which are estimated to generate between $1.5 billion and $2.5 billion.
National Retail Association chief executive Trevor Evans said it had anecdotal evidence that suggested gift cards had been used in money laundering, sometimes in combination with stolen credit card details.
"Many retailers put processes in place to prevent the bulk purchasing of gift cards," Mr Evans said.
"One of the best defences against laundering through gift cards is to remind all Australians to be vigilant about their credit card details and to report stolen or missing cards to financial institutions."
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