Queensland Man Faces U.S. Extradition on Money Laundering Charges

A Queensland man who helped establish offshore shell companies is facing extradition to the United States on money laundering charges. Ian Taylor, 49, was arrested last month at an acreage property on the Gold Coast. The Attorney-General's Department confirmed he is wanted for prosecution in the U.S. for three offenses related to money laundering.

Shell companies set up by Taylor and his father have been linked in public reports to several international cases. One company was used in 2009 to lease an aircraft that carried 30 tonnes of explosives and missile components from North Korea toward Iran.

Other companies were named in a 2010 U.S. investigation of Wachovia Bank, which was fined $US160 million for handling funds allegedly connected to Mexican drug cartels.

Taylor remains in custody in Queensland.

An extradition hearing is scheduled for later this year at Southport Magistrates Court. His lawyer, Tam Elabbasi, said the defense is focusing on the extradition application before addressing any U.S. charges. Each charge carries a maximum penalty of 20 years in prison.

Gerard Ryle of the International Consortium of Investigative Journalists said companies linked to the Taylor family have appeared in multiple criminal investigations since 2011, including what was then the largest money laundering case in U.S. history.