The Australian Federal Police (AFP) has set up a crypto unit to tackle the use of cryptocurrency by criminals for money laundering and offshoring. As per reports, the crypto unit will be operating as a part of its Criminal Assets Confiscation Taskforce (CACT).
As revealed by Stefan Jerga, the national manager of the CACT, the taskforce felt the need to have a standalone team for handling the growing use of crypto by criminals instead of ‘a lot of officers picking up some of this skill set as part of their overall role.’
Jerga further added that the unit was set up in August and is targeting assets and also provides that valuable, investigative tracking power and lens for all of their commands.
He emphasized on the importance of detecting crypto transactions across the relevant blockchains in terms of areas including national security, child protection, and cyber.
Jerga’s comments came at a time when AFP declared that since 2020, the CACT had seized over AU$600 million ($408 million) in illegal funds and property, including AU$35 million ($23.8 million) in vehicles, artworks, and crypto.
AFP disclosed that, in February 2020, ‘confiscation’ became a key priority for the CACT and they had a target figure of AU$600 million seized by 2024, which already is two years ahead of schedule.
He concluded saying that even though the crypto gains seized were relatively smaller than “traditional” criminal assets such as property and cash, the additional focus further helped them with great intelligence insights.
Also Read: Australia’s New Government Focuses on Crypto Regulations
