Australia creates special crypto police unit to crack down on money laundering
In the first four months of 2022, crypto scam losses in Australia grew 166% to $140 million, compared to the same period in 2021. Amid a rise in cryptocurrency-related crimes, Australia’s Federal Police has set up a new cryptocurrency unit to crack down on money laundering, the Australian Financial Review reported on September 5.
Australian Transaction Reports and Analysis Centre (AUSTRAC), a government financial intelligence agency, warned in April that cryptocurrencies are becoming increasingly lucrative for criminals. AUSTRAC deputy chief executive said that the anonymity and ease of cross-border transactions in crypto make the asset class attractive to the likes of Neo-Nazis. The crypto unit was set up after the AFP crossed its target of seizing $600 million in criminal proceeds two years ahead of schedule.
Source
@CryptoWorldAnalysis
