An AFP-led Criminal Assets Confiscation Taskforce (CACT) investigation has resulted in the confiscation of more than $300,000 following an attempted drug importation into North Queensland.
Today (7 August, 2026) the CACT obtained forfeiture orders in the District Court of Queensland regarding $290,000 in cash and accrued interest, totalling about $301,292.
The cash was seized by the AFP as suspected proceeds of crime in July, 2023, during a search warrant executed at the Canberra residence of two men who were under investigation following the seizure of 247kg of cocaine from a yacht moored in Townsville.
It is alleged the men travelled to Townsville from Canberra in May, 2023, to recover a commercial quantity of cocaine that was hidden inside the yacht's hull.
When AFP officers gained entry to the Canberra apartment, one of the men allegedly threw a backpack containing $290,000 cash in a vacuum sealed bag from the balcony.
The men - both from Griffith, ACT, aged 47 and 58 - were arrested and charged with possessing commercial quantities of unlawfully imported border-controlled drugs, contrary to section 307.5 of the Criminal Code (Cth). The seized cash was alleged payment for assisting in the cocaine importation.
The CACT investigation could not establish a legitimate source or explanation for the seized cash, and on 22 January, 2025, the money was restrained under the Proceeds of Crime Act 2002 (Cth).
The criminal charges against the men remain before the courts.
AFP Commander Andrea Quinn said police around Australia continued to target proceeds of crime through forfeitures.
"The Proceeds of Crime Act provides law enforcement with important powers to identify, restrain, and forfeit assets connected to alleged criminal activity," Commander Quinn said.
"Confiscating criminal wealth is essential to preventing offenders from benefiting from their unlawful conduct, and by depriving criminals of their profits we reduce their capacity to finance further offending.
"That is why the AFP works closely with its partners in the Criminal Assets Confiscation Taskforce to target illicit wealth and ensure confiscated funds are redirected for the benefit of the Australian community."
The CACT was established in 2012, with highly skilled members located Australia-wide and comprised of police, financial investigators, forensic accountants, litigation lawyers and partner agency specialists.
The Proceeds of Crime Act 2002 (Cth) allows the CACT to restrain and forfeit proceeds of crime based on a civil standard of proof, as well as obtain pecuniary penalty and unexplained wealth orders, regardless of whether there is a related criminal prosecution or investigation. Confiscated assets are placed in the Confiscated Assets Account, which is managed by the Australian Financial Security Authority (AFSA) on behalf of the Commonwealth.
The funds are used to benefit the community through crime prevention, intervention or diversion programs, or other law enforcement initiatives. The Department of Home Affairs supports the Minister in managing programs of expenditure from the Confiscated Assets Account.
