Australian Federal Police Establishes Crypto Squad

The Australian Federal Police (AFP) has set up a new cryptocurrency unit, according to a report from the Australian Financial Review (AFR). 

According to Stefan Jerga, national manager of the AFP’s criminal asset confiscation command, the new unit will concentrate on money laundering and is being established at a time when the AFP has noticed a considerable increase in the use of cryptocurrency in criminal activity.

“It’s targeting assets, but it’s also providing that valuable, investigative tracing capability and lens for all of our commands across all of our businesses, whether they’re national security-related, child protection, cyber — or the ability to trace cryptocurrency transactions across the relevant blockchains is really, really important” said Jerga in the article. 

Australian Federal Police won’t be given any new authority to seize property

In one of its very first crypto seizure instances, the AFP is infamous for earning a return of 2000%. It started the process to take $5,000 worth of bitcoin in 2016, but by the time the police were able to get their hands on it, it was worth $105,000.

The launch of the new crypto unit coincides with a warning from Austrac, the Australian government’s financial intelligence service, that system abusers are using cryptocurrency.

Cryptocurrencies, according to Austrac deputy chief executive John Moss, are appealing to criminals because they can be used rapidly, anonymously, and across international borders.

The Reserve Bank of Australia (RBA) recently disclosed that it is investigating the potential applications of Central Bank Digital Currency (CBDCs) through a fresh research endeavor.

The launch of the new crypto unit coincides with a warning from Austrac, the Australian government’s financial intelligence service, that system abusers are using cryptocurrency.

Cryptocurrencies, according to Austrac deputy chief executive John Moss, are appealing to criminals because they can be used rapidly, anonymously, and across international borders.

The Reserve Bank of Australia (RBA) recently disclosed that it is investigating the potential applications of Central Bank Digital Currency (CBDCs) through a fresh research endeavor.

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