Three men, alleged to have ties with Tahiti and Thailand, were arrested attempting to smuggle approximately 700 kilos (1,543 pounds) of cocaine with an estimated street value of Aus$245 million (£141 million) into Australia.

The yacht, containing the stash in its hull, was intercepted on Wednesday 15 November about 100 kilometers (62 miles) north of Sydney.  The Australian police joined forces with Tahitian authorities to intercept the yacht which had passed through Tahiti on its journey into Australian waters.

This latest seizure comes after police intercepted a French yacht bound for Australia carrying 1.46 tonnes of cocaine last August. The boat was seized in the Pacific after setting sail from South America.

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With the street value of narcotics being particularly high on its streets, Australia is an attractive destination for drug smugglers. “It is no surprise that criminal syndicates undertake sophisticated attempts that go to great lengths – even crossing oceans in relatively small craft to import narcotics,” commented Australian Federal Police assistant commissioner Neil Gaughan in a statement.

Gaughan has confirmed that further arrest warrants have been issued in Thailand.