A Sydney man was allegedly caught with an illegal $50 million in foreign currency on a trip to the Middle East, police said.
The man is being investigated by the Crime and Corruption Commission (CCC) over the alleged money-laundering.
He is due to appear in court on December 6.
A spokesperson for NSW Police told The Sunday Age the man was stopped by police at a traffic light in the CBD on December 7.
“The man was arrested and subsequently charged with a number of offences, including possession of an illegal foreign currency instrument and money laundering,” the spokesperson said.
“He has been placed in police custody for a further two weeks.”
Police said the man had travelled to the country on a tourist visa and was expected to return to Australia.
The CCC is investigating the case.