Third man nabbed in money laundering ring

Julia Carlisle

A third Sydney man has been charged over an alleged multi-million dollar money laundering ring after $3.6 million in cash and a pistol equipped with a silencer were seized by police earlier this week.

The alleged racket was uncovered in 2014 when a police strike force began investigating the large-scale supply of prohibited drugs in NSW.

Two men, aged 30 and 38, were arrested in early morning raids in North Sydney on Tuesday and have since faced court.

A third man was arrested on Thursday following the seizure of the contraband at two properties in the western suburbs of Erskine Park and St Clair.

The 31-year-old was charged with knowingly dealing with the proceeds of crime and the possession of the pistol among other offences.

He was refused bail to appear at Sydney Central Local Court on Friday.