Cryptocurrencies have often been in the limelight for criminals looking to commit financial fraud. In Australia, the Federal Police has created a new unit whose one-track task will be to detect illegal money transfers through crypto assets. The new unit is headed by senior level officer Stefan Jegra. According to Jegra, the use of cryptocurrency in crime has increased manifold in recent times which has increased the need for an independent team in Australia.
“Increased focus on illegal money transfers through crypto has come as the Australian Federal Police has assumed a revenue-raising target of $600 million (approx. Rs. 4,800 crore),” the Financial Review said. Report,
The Australian Police Force is aiming to conduct an in-depth study to understand the patterns of organized financial crime.
A closer look at the use of crypto in the process of financial fraud could help law enforcement officials in Australia gain “intelligent insight” into international money laundering rings, AFP Commissioner Reece Kershaw believes.
“It’s targeting assets, but it also provides a valuable, investigative tracing capability and lens for all of our mandates across all of our businesses, whether they’re national security-related, child protection, cyber — or the ability to trace cryptocurrency transactions. Related Blockchain Really, really important,” a CoinDesk Report Jegra said.
In an effort to rid the crypto space of scammers, the Australian Competition and Consumer Commission (ACCC) is considering enabling auto identification and removal of questionable and suspicious crypto websites.
Australians lost $81.5 million (roughly Rs 650 crore) to crypto scams between January and May, the ACCC said in June. ReportTo increase vigilance against increasing number of cyber crimes in the country.
