Police have found $5.7 million (NZ$6.07m) in cash in a south Sydney apartment in what has been described as one of Australia's largest cash seizures.
A 58-year-old US citizen is in custody after police on Saturday found seven suitcases in the Mascot unit he was staying at, Australian Federal Police Commissioner Tony Negus saidy.
He made the announcement after briefing the media about a special task force launched by the Australian Crime Commission, codenamed Eligo, which last year seized more than A$580 million worth of drugs and assets associated with money laundering.
"This is one of Australia's largest cash seizures," Negus told reporters in Sydney.
The man arrived in Australia via Costa Rica two days before his arrest and denies owning the money.
He was charged with one count of dealing with property worth over A$100,000, reasonably expected to be the proceeds of crime.
The maximum penalty is three years in jail, but he could face up to 25 years if police charge him with money laundering.