The AFP said a Helensvale man, aged 67 and a Graceville man, 53, were arrested. News Ltd is reporting the Graceville man was Michael Bosscher of Bosscher Lawyers.

“It will be alleged a Helensvale man used personal information from clients to his consultancy business to open fraudulent bank accounts. The accounts were opened in the name of some of his clients, believed to be without their knowledge,” the AFP said.

The Graceville man, reported to be Bosscher, allegedly supplied millions of dollars of funds suspected to be the proceeds of crime to be deposited in the accounts in an attempt to avoid detection by authorities.

Search warrants were executed on properties in Graceville, Bardon and Brisbane yesterday.

At the Bardon property, about $70,000 in cash was seized from two safes hidden under stairs. Another $160,000 was seized from the Helensvale house.

Bosscher was due to appear in the Brisbane Magistrates Court today charged with conspiring to deal in the proceeds of crime of more than $1 million, while the other man was due to appear in Southport court today charged with conspiring to deal in the proceeds of crime.

The maximum penalty was 25 years’ prison.

The Helensvale man was also charged with 29 accounts of conducting transactions so as to avoid reporting requirements relating.

AFP acting commander of investigations for the northern command Adrian Telfer said the AFP was committed to dismantling money laundering enterprises.

“Money laundering is the backbone of organised crime. Money is the sole reason organised crime exists and taking away ill-gotten wealth is a key priority for the AFP.”