Police and the Australian Federal Police have shut down a money laundering syndicate, arresting three men and a woman simultaneously in Hong Kong and Australia. The syndicate is suspected to have laundered $70 million in drug money from 2003 to 2004.

Two men, 43 and 59, and a 39-year-old woman were arrested in Hong Kong, and a Chinese ethnic Australian male, 39, was arrested in Sydney today. Some $70,000 and A$10,000 was seized.

The man arrested in Australia has been charged with money laundering related offences, while the two arrested in Hong Kong have been charged with one count of Dealing with Crime Proceeds. The pair will appear at Eastern Magistracy tomorrow, while the 39-year-old woman will be released on bail.