ABC is reporting that the younger man is Queensland lawyer Michael Bosscher, who is set to be charged with conspiring to deal in the proceeds of general crime, and at the time of dealing, the value of the money or property was $1,000,000 or more, contrary to section 400.3 (1B) of the Criminal Code Act and section 11.5 of the Criminal Code Act.

The maximum penalty for the office is 25 years of imprisonment, AFP noted.

As per the daily list for Brisbane Magistrates Court, Mr Bosscher is due to appear today, 25 October 2022.

The 67-year-old, from Helensvale, is facing the same charges, and has also been charged with 29 counts of conducting transactions, to avoid reporting requirements relating to the threshold transactions contrary to section 141(1) of the Anti-Money Laundering and Counter-Terrorism Financing Act, for which the maximum penalty is five years of imprisonment.

It is alleged that the Helensvale man used personal information from clients of his consultancy business to open fraudulent bank accounts. The accounts were opened, the AFP submitted, in the name of some of his clients believed to be without their knowledge.

Mr Bosscher is alleged by the AFP to have supplied millions of dollars of funds that are the suspected proceeds of crime to be deposited into the accounts to avoid detection by authorities.

AFP investigators executed search warrants at addresses in Helensvale, Graceville, Bardon and Brisbane City yesterday as part of the investigation and have seized $70,000 cash from two safes that were hidden under stairs and a cash counter at a Bardon premises, while $160,000 cash was seized from a safe at the home of the Helensvale man.

Moreover, police have seized several mobile phones for further forensic examination.

Speaking about the arrests and charges, AFP acting Commander Investigations Northern Command Adrian Telfer said the federal police is committed to dismantling money laundering enterprises that enabled organised criminal activity.

“Money laundering is the backbone of organised crime. Money is the sole reason organised crime exists, and taking away their ill-gotten wealth is a key priority for the AFP,” he said.

“We will continue to target the structures that enable organised crime to hide their wealth and can’t rule out more arrests as our investigators follow the money.”