• Contact
  • Feedback
Banking Day
Stay Ahead. Stay Informed.
Concise. Candid. Provocative.
Get the daily banking news that matters
Banking Day – Your trusted source for independent financial insights.
Subscribe Now
  • News
  • Topics
    • All Topics
    • Briefs
    • Major Banks
    • Authorised deposit-taking institutions
    • Insurance, funds and super
    • Payments, mobile & wallets
    • Consumer lending
    • Mortgages
    • Business lending
    • Finance regulation
    • Debt capital markets
    • Ratings agencies
    • Equity capital markets
    • Professional services
    • Work & career
    • Foreign news
    • Other topics
  • Free Trial
  • Subscribe
  • Resources
    • Industry events
  • About us
    • About Banking Day
    • Advertise
    • Feedback
    • Contact Banking Day
  • Search
  • Login
  • My account
    • Account settings
    • User Admin
    • Logout

Login or request a free trial

Technocash accounts linked to money laundering

30 May 2013 4:58PM
US authorities are seeking to seize A$38 million from three accounts held in Australia by Westpac in the name of a Sydney funds transfer company, Technocash.US prosecutors yesterday publicised what they say is the biggest international money laundering prosecution in history - a US$6 billion trail allegedly left by Costa Rican-based Liberty Reserve.Prosecutors assert that Liberty Reserve was "designed to attract and maintain a customer based (sic) of criminals and in fact became the online service preferred by cybercriminals... for storing and laundering the proceeds of their criminal activity."Prosecutors say that Liberty moved funds through shell companies in Australia, among other places.The indictment document included the Westpac accounts in a list of "forfeitable property" linked to seven men charged in connection with the claims.Technocash, based in Parramatta, operates what is describes as a "local and overseas funds transfer system." It began trading in 2000.Its directors are Raymond Pakalns, Paul Monsted and Pierre Mitchell.The business turned over about A$2 million in 2012, with the revenue being split between transaction fees and "currency surplus".The accounts, filed with the Australian Securities and Investment Commission, give away no details on the funds held in trust for customers.In 2006, it had about 30,000 small- and medium-sized business customers making use of stored value account services.Technocash did not respond to a request for comment.

I'm a returning subscriber

*
Password reset *
Login

Request a free trial

  • Emailing you the news at 7am.
  • Covering core lending and funding issues, strategy, payments, regulation, risk management, IT, marketing and more.
  • Original news and summaries of major stories from other media – ditch your newspaper subscriptions.
  • Focused on banking and finance, saving you the time spent wading through newspapers and other services.
  • With reporting from former editors and senior writers from the AFR and The Australian.
  • Configured for your phone, laptop and PC.
Free trial Banking Day
Stay Ahead. Stay Informed.
Concise. Candid. Provocative.
Get the daily banking news that matters
Banking Day – Your trusted source for independent financial insights.
Subscribe Now

Consumer lending

  • Latitude, Harvey Norman liable for interest free GO card con

Copyright © WorkDay Media 2003-2025.

Banking Day is a WorkDay Media publication

WorkDay Media Unit Trust

  • Privacy policy
  • Terms of access and use