Baby bank accounts used as a drug front

Shady cocaine-smuggling grandparents have been opening up child bank accounts in a bid to clean their proceeds, it has emerged.

Neil Jensen, a spokesman from the Australian Transaction Reports and Analysis Centre, has told the Daily Telegraph that the nefarious scam came to the attention of investigators when they noticed that the baby bank accounts were being used to buy luxury cars and houses.

It is reckoned that they ploughed about $20 million into the bank accounts before being caught.

Other notable findings from the annual report detailed the case of a man who was caught out by a sharp bank clerk who noticed that the cash he was trying to deposit felt waxy, as though it had been washed.

After alerting authorities, it was revealed that the crook had been trying to clean money that he had buried after stealing it in repeated ATM scams.

Meanwhile, another student found himself with some explaining to do after being caught by cops in possession of $88,000 in cash on his way into the country from China.ADNFCR-1761-ID-18942560-ADNFCR