Criminal charges against Australians with links to the Panama Papers could take years to eventuate, ATO deputy commissioner Mark Konza says.

The Australian Taxation Office earlier this month revealed that its serious ­financial crime taskforce, which also involves the Australian Federal Police and AUSTRAC, had executed search warrants and unannounced visits across properties in Victoria and Queensland for allegedly serious offences including money laundering and other criminal activity.

All up 1000 entities, involving hundreds of taxpayers – many of which include high-wealth individuals and their lawyers and accountants – are under investigation by the Australian Taxation Office.

The raids followed AUSTRAC identifying suspicious cross-border movement of funds between Australia and other countries amounting to $2.5 billion linked to more than 1000 Australian entities.