The Australian federal law enforcement agency called the illegal usage of cryptocurrencies an “emerging threat” in Australia.
- Speaking to Cointelegraph, a spokesperson for the Australian Federal Police (AFP) said there is an increase in criminals utilizing cryptocurrency for illegal activities. These criminals are also trying to disguise the ownership of assets.
- Nevertheless, they acknowledged that the major difficulty for law enforcement is to “continually improve” its “tools, techniques, and legal frameworks” to keep up with criminals.
See Related: Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes
The Steps Taken to Monitor Cryptocurrency Transactions In Australia
- The AFP created a new cryptocurrency unit last month to keep track of crypto transactions.
- Stefan Jerga, national manager of the AFP’s criminal asset confiscation command, noted that since the AFP conducted its first cryptocurrency seizure in early 2018, the usage of cryptocurrencies in criminal activities has dramatically expanded.
- The new unit’s duties include disrupting the structure of criminal syndicates using forensic intelligence and combating crime. In addition, the team will focus on preventing fraud before it starts rather than trying to recover lost money.
- According to a private investigator from Australia, the AFP has not yet concentrated on the “prolific and lucrative” cryptocurrency crime of online investment fraud.
- The investigator added that law enforcement agencies need more training on how cryptocurrencies operate since certain law enforcement departments are still not completely prepared to handle instances of cybercrime.
See Related: South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance
