Federal police have dismantled a Chinese money laundering syndicate that turned over $10 billion in three years.

The Changjiang Currency Exchange – which had 12 outlets across the country – was believed to be a front to move criminals’ cash and cryptocurrency offshore; the group’s leaders were all arrested in Melbourne’s eastern suburbs after raids across the country.

The Age  and Sydney Morning Herald investigative journalist Nick McKenzie told Gary Adshead on 6PR Mornings the sophisticated scheme used legitimate clients to hide their illegal dealings.

“Effectively, you’ve got accused crime figures who got licenses to set up money movers from the Australian government,” Mr McKenzie said.

Press PLAY to hear the full details on the $10 billion scam