Bernhard Stevermuer was arrested last July after police seized an eight-seater Swearingen Merlin 3 plane that had touched down at Albion Park two weeks earlier. 

Australian Federal Police and NSW Middle Eastern Organised Crime Squad officers swooped on the aircraft as part of a two-day operation investigating drugs.

In the days that followed, Stevermuer was arrested and charged with dealing with property suspected of being the proceeds of crime and of knowingly participating in a criminal group.

Police accused the Fairy Meadow man of dealing with $70,000 in Australian cash.

The 43-year-old appeared briefly in Port Kembla Local Court on Wednesday where he entered pleas of guilty to both charges. 

He sat quietly behind defence lawyer Mark Savic while his matter was briefly mentioned before  the magistrate Mark Richardson.

Mr Savic told the court there would be an amended set of facts, which would be prepared within two weeks.

The court had previously heard prosecution allegations that the plane was bought in the US before being flown to Australia, via Malaysia, for the purpose of supplying drugs and firearms.

The syndicate allegedly spent more than $400,000 buying the plane.

Three other men are also now before the courts in relation to the investigation.

Magistrate Richardson ordered a pre-sentence report for Stevermuer and adjourned the matter to a date in April for sentence.