The Australian Federal Police has established a new cryptocurrency section to combat money laundering in response to an increase in crimes using cryptocurrencies, according to various sources.
He said the group is targeting assets, but it’s also giving all of our commands across all of our businesses that invaluable investigative tracing capability and lens, whether they’re related to national security, child protection, cyber – or the ability to trace cryptocurrency transactions across the relevant blockchains is really, really important. The Australian Transaction Reports and Analysis Centre (AUSTRAC), a federal financial intelligence organization, issued a warning about the rising profitability of cryptocurrencies for criminals in April. The deputy chief executive of AUSTRAC claims that because of their secrecy and simplicity of cross-border transactions, cryptoassets are appealing to organisations like Neo-Nazis.
The Necessity of Founding a Specialist Unit
According to reports, scams using cryptocurrencies cost Australians up to $26 million in 2021. Australians lost 205 million AUD between January and May 1, 2022, according to the Australian Competition and Consumer Commission, however the true amount is probably significantly higher. However, the stated sum revealed a 166% rise in crypto fraud losses from the same time previous year.
After the AFP achieved its goal of capturing $600 million in illegal profits two years early, the crypto section was established. According to Jerga, the new unit was also created with the intention of targeting criminals’ riches, which has in the past led to better than expected outcomes. Although cryptocurrencies made only a minor portion of criminal assets, which are primarily made up of property and cash, the decision to found a totally specialist unit was pushed up more due to the need for more information and insights. The statement is in accordance to the statement by Jerga.
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