BREAKING: Convicted drug money launderer banned from mortgage industry

by Calida Smylie20 Jun 2014
A former MFAA member and mortgage broker convicted of drug money laundering has been permanently banned from providing financial services and engaging in credit activity.

ASIC has permanently banned Roy Whye Wah Moo of Doncaster East, Victoria, from providing financial services and engaging in credit activity.

Until 2013, Moo was an Australian financial services authorised representative and an authorised credit representative of a national financial planning firm. 

Moo was the principal of Roy Moo & Associates, an AMP financial planning arm. His website states he is an accredited mortgage consultant with the Mortgage & Finance Association of Australia.

But MFAA CEO Phil Naylor said Moo's membership ceased in January, and the association will be taking "immediate action" to make sure he stops advertising the membership on his website.

Moo, 59, was jailed in December for two years after he admitted using a Melbourne Crown Casino bank account to launder $682,000 in drug money.

The judge told Moo at the time that he must have been aware of the "evils" and risks associated with money laundering as he had specifically been trained in the law as an adviser and a representative of AMP services.

Under the Corporations Act 2001 and National Consumer Credit Protection Act 2009, ASIC may ban anyone who is convicted of fraud.

Moo has the right to lodge an appeal with the Administrative Appeals Tribunal for a review of ASIC’s decision to ban him.

Moo was an authorised representative of the Ang Junket Group – which helped Asian visitors to the Crown casino – and who conducted financial transactions using a Crown Patrons Identity.

He made deposits, purchased gambling chips and directed money transfers locally or overseas using the Crown account.

Between March and May last year, Moo made four large deposits into the account, authorised their withdrawal and then requested transfers to a Hong Kong bank.

Moo was twice captured emptying a total of about $300,000 from shopping bags onto a casino cashier's counter before his arrest last March.

COMMENTS

  • by CashedUp Buyers 20/06/2014 1:36:06 PM

    Maybe he got bored buying blue chip properties with cash like the others do around Doncaster, Templestowe, Balwyn North etc. No scrutiny there. Law abiding Aussies just can't compete.

  • by Wombat 20/06/2014 2:27:23 PM

    Pity about MFAA's immediate action - his website is still up with references to MFAA membership.

  • by not so old broker 20/06/2014 2:34:18 PM

    get the facts right before expressing what appears to be your mindless xenophobia.
    on 17 June UTS published an interesting report you should read - http://newsroom.uts.edu.au/news/2014/06/chinese-buyers-are-not-fuelling-property-boom
    based on fact not fiction you should look at.