Law enforcement agencies in Australia are currently working to improve their knowledge of cryptocurrency and are also organizing a team of dedicated officers in order to hunt down and investigate cryptocurrency transactions. According to a report that was published by the Australian Financial Review on Monday, the Australian Federal Police (AFP) has established an exclusive cryptocurrency subsidiary in order to deal with the observation of transfers related to cryptocurrency. The purpose of this subsidiary is to deal with the observation of transactions.
The Australian Criminal Intelligence Community Aims to Improve cryptocurrency
AFP’s Stefan Jerga stated that the utilization of crypto assets in criminal operations had witnessed a considerable improvement since the initial crypto seizure that AFP carried out at the beginning of 2018. This was stated in reference to the fact that AFP had carried out this seizure at the beginning of 2018. As a means of providing a response to this, the AFP came to the conclusion that it would be best to form an enthusiastic crypto group in the month of August. Jerga made this observation.
During the recovery of various illicit assets by AFP, the number exceeded what was expected, which resulted in more attention being paid to unlawful crypto transactions. According to the official report that was released by the AFP on Monday, the organization was successful in achieving its goal of seizing approximately $600 million from finance-related criminal operations two years earlier than the plan had anticipated.
The first goal, which was established on behalf of the Criminal Assets Confiscation Taskforce (which is overseen by AFP), had a target date of 2024 as its anticipated year of completion. Since February of 2020, authorities have seized up to $380 million worth of residential and commercial property, approximately $200 million worth of bank accounts and cash, as well as $35 million worth of cryptocurrencies, luxury goods, artworks, aircraft, yachts, and automobiles. Nevertheless, it is reasonable to anticipate that increased focus will yield new discoveries.
AUSTRAC Questions The Transparency of Cryptographic Transfers
According to the manager of AFP, the capacity to follow the transactions of cryptocurrency all the way through blockchains is incredibly crucial when compared to issues such as child protection and national security, amongst other issues. An official from the Australian Transaction Reports and Analysis Center, or AUSTRAC, was quoted earlier this year expressing doubts about the degree to which cryptocurrencies are open and transparent.
John Moss, the deputy CEO of AUSTRAC, argued that the anonymous, quick, and multinational use of crypto has attracted criminals like neo-Nazi groups. Neo-Nazi groups are one example of criminal organizations that have been attracted to the use of crypto. In contrast to the commonly held belief, which holds that the nature of Bitcoin (BTC) is anonymous, the transactions that are carried out using BTC are not kept a secret but are, rather, freely traceable through the use of blockchain explorers.