Australian Federal Police forms crypto unit
To tackle money laundering
The Australian Federal Police (AFP) has formed a new cryptocurrency unit, according to a report from the Australian Financial Review (AFR).
The unit will tackle the use of cryptocurrency as a means of money laundering and offshoring, Stefan Jerga, the national manager of the AFP’s criminal asset confiscation command, told the AFR.
Jerga emphasized that the use of crypto in criminal activity had significantly increased since 2018, and now required a dedicated team.
“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," Jerga said.
AFP Commissioner Reece Kershaw said that while the number of cryptocurrency seizures since 2020 was small compared to property and cash, a focus on crypto provided benefits through great intelligence insights.
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