Technocash accounts linked to money laundering
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.