News

As many as 50 clients and employees of an Australian accounting firm may be charged in one of the country's largest money laundering schemes, according to news reports. Australian prosecutors said that partners of Sydney-based Owen T. Daniel & Co. charged clients AUD$8,000 (USD$7,602.39) in initiation fees and AUD$1,500 annually to launder funds in offshore accounts under the guise of a consultancy fee, according to a May 6 report by the Daily Telegraph. The money was later returned to clients as tax-deductible loans, the paper said. Prosecutors have said that at least 50 of the firm's corporate and individual clients...