The Australian Federal Police (AFP) reported that in recent years there has been a growing number of offenders using cryptocurrencies to support illegal businesses and hide asset ownership.
The AFP spokesman stressed that for the police, the need to keep up with the criminal world and prevent the use of new technologies in crime has become a constant challenge. This requires “continuous improvements in tools, techniques and regulatory frameworks.”
According to him, criminals are constantly finding “new ways to avoid police persecution and exploitation of the public.” Even the creation of special units focused on cryptocurrency-related crimes does not help much.
IFW Global Executive Chairman Ken Gamble noted that the Australian police are focusing on money laundering cases using cryptocurrencies related to drug trafficking, hacking and so on. And the work to catch online scammers is carried out according to the residual principle.
Australians lost A$242 million ($152 million) in various cryptocurrency scams between January and July this year, according to Scamwatch. This is 36% more than in all of 2021.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
