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Several storage units in Woy Woy and a home in Umina were searched yesterday morning and a 37-year-old was arrested “while trying to flee”, police said.
Police allege $338,000 in cash was found inside the home and a further $556,000 in the storage units, along with additional foreign currency.
Large stacks of $50 and $100 notes were pictured outside the storage units.
Police are forensically analysing the cash.
The UK national has been charged with two offences including knowingly deal with proceeds of crime.
He was refused bail and will appear on Gosford Local Court later today.