The Australian Federal Police (AFP) has formed a special cryptocurrency unit, whose tasks will include combating money laundering and monitoring suspicious crypto transactions.
The unit was created from the Australian Police Asset Forfeiture Team after crypto asset seizures exceeded $600 million. AFP Commissioner Reece Kershaw said:
“While the amount of crypto seized was relatively small compared to the mass of cash and property, the focus on crypto has benefited law enforcement through a better understanding of organized crime business models.”
Stefan Jerga, who led the new division, said that criminal use of cryptocurrencies has increased significantly in recent years and now requires a separate team to monitor suspicious transactions.
In August, the police in the Australian state of Victoria received additional powers from the authorities, giving them the right to seize digital assets from criminals and send formal demands to cryptocurrency companies to disclose the data of suspects.
Source: Bits
I’m James Harper, a highly experienced and accomplished news writer for World Stock Market. I have been writing in the Politics section of the website for over five years, providing readers with up-to-date and insightful information about current events in politics. My work is widely read and respected by many industry professionals as well as laymen.
