A 29-year-old man has been jailed for five years by the District Court for laundering over $20 million worth of illegal bookmaking proceeds.

Between August 2004 and June 2005, the defendant opened two accounts to launder the proceeds in return for a reward of $8,000 a month.

Officers arrested the defendant on November 1 last year. He was subsequently charged with dealing with property known or believed to represent proceeds of an indictable offence.