Organized Crime in Real Estate and Finance Essay

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The Struggle against Organised Crime in Australia: The Challenges and Opportunities for the Criminal Justice SystemOrganised crime poses a significant threat to societies globally, eroding economic stability, undermining governance, and triggering public safety concerns. In Australia, this menace has evolved over the years into a complex and multifaceted issue, significantly straining the criminal justice system. The activities of organised crime groups span across a variety of illegal pursuits, including illicit drug trafficking, cybercrime, fraud, and identity theft, all causing substantial economic and social harm. In an age of rapid technological advancement and globalisation, these +criminal syndicates are exhibiting increased sophistication and adaptability, further complicating the situation. This paper explores the struggle of the Australian criminal justice system in its fight against organised crime. It contends that while the system has made considerable strides to curtail these activities, it faces significant challenges due to the complexity of these criminal networks, their capacity to adjust to countermeasures, and the technological advancements facilitating their activities. Nevertheless, potential solutions can be found in robust international collaboration, improved legislative measures, and strategic utilisation of technological tools.Part I: The Nature of Organised Crime in AustraliaOrganised crime in Australia is a complex and pervasive issue, involving a range of activities such as illicit drug trafficking, money laundering, cybercrime, fraud, and identity theft. According to the Australian Criminal Intelligence Commission (ACIC, 2019), organised crime cost Australia an estimated $47.4 billion in 2017-18.Chart 1: Estimated annual cost of organised crime to Australia (2)The breadth and depth of activities perpetrated by organised crime networks in Australia are truly extensive. Illicit drug trafficking stands as a prominent aspect of their operations, fueling substance abuse issues and contributing to a significant portion of their income (Hughes et al., 2019). These syndicates are involved not only in the distribution but also in the manufacturing and importation of a wide variety of drugs, from cannabis and methamphetamines to more potent substances like fentanyl.Money laundering is another significant area of organised crime, intricately connected with other criminal activities. Illicit proceeds generated from various criminal activities are cleverly laundered through a range of businesses and financial instruments, masking their origins and making it challenging for authorities to trace (Sharman, 2017).One notable case involves the use of the real estate market for money laundering. A report by the Financial Action Task Force in 2015 pointed out that the Australian real estate sector was a significant target for money laundering due to its size and the attractive returns it offered (FATF, 2015). An example of this was seen in the case of a Melbourne property developer who was alleged to have laundered AUD 4 million of a drug syndicate's proceeds through a series of property transactions.Banks and other financial institutions are also frequently used for money laundering. The case of the Commonwealth Bank of Australia (CBA) serves as a prime example. In 2017, the bank faced legal action from AUSTRAC (Australian Transaction Reports and Analysis Centre) over systemic non-compliance with money-laundering laws, where it was alleged to have allowed suspicious transactions totalling over AUD 600 million to pass through its accounts undetected (AUSTRAC, 2017).Further, illicit funds can be laundered through cash-intensive businesses. This was highlighted in a case involving a popular chain of restaurants in Sydney, where the owners were found to be part of a scheme that laundered drug money by making structured deposits into bank accounts over a period of several years.

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As these cases show, organized crime is deeply embedded within various structures of Australian society, and can be found across numerous industries and sectors, from finance to real estate to drug trafficking front companies that settle accounts in cash.The advent of the digital age has further complicated the organised crime landscape with the emergence of cybercrime. Organised crime groups have been quick to exploit the vulnerabilities inherent in the digital world. Activities such as online fraud, identity theft, and the sale of illegal goods and services on the dark web have become increasingly commonplace, leading to substantial financial losses and significant breaches of…

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…2019). Digital forensics is another critical area, where specialists recover and analyse digital evidence from various devices, a crucial element in many investigations given the prevalence of cyber-enabled crime.Part IV: A Way ForwardWhile these strategies show promise, their effective implementation requires overcoming numerous challenges. International collaboration depends on the political will and resources of all parties involved. Legislative measures must strike a balance between tackling crime and preserving civil liberties. Technological tools, while powerful, require substantial resources and specialist skills, and they raise their own set of ethical and legal issues. Navigating these complexities will be essential for the Australian criminal justice system as it continues its fight against organised crime.The challenges are certainly immense, but there are potential solutions. Australia's criminal justice system must continue to evolve and adapt, bolstering its technological capabilities and strengthening collaboration with international partners. Enhancing legislative measures, including the regulation of cryptocurrencies and other emerging technologies, will also be important.ConclusionIn conclusion, although the criminal justice system is making significant strides in combating organised crime in Australia, the sophistication and adaptability of these criminal groups present persistent challenges. A comprehensive and proactive approach, leveraging international cooperation, technological advancements, and legislative measures, is required to effectively counter this threat. Advancements in data analytics, artificial intelligence, and digital forensics can significantly enhance law enforcement capabilities. Yet, this must be balanced with the need to respect privacy and civil liberties. At the same time, strengthening international cooperation is a key facet of this strategy. Organised crime is inherently global, and therefore, so must be the response. By deepening ties with international law enforcement agencies and leveraging mutual legal assistance agreements, Australia can enhance its ability to trace and disrupt international criminal networks. Plus, legislative measures must be consistently reviewed and updated to ensure they keep pace with the evolving tactics of organised crime groups. In essence, combating organised crime in Australia requires a proactive, comprehensive, and ever-evolving strategy, one that marries local action with global cooperation, embraces the power of technology, and is anchored….....

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