Financial Technology

Australian Federal Police sets up division to supervise cryptocurrency-related transactions

Australian law enforcement department is working to increase cryptocurrency expertise and trace cryptocurrency transactions through creation of a police group, as reported by Cointelegraph. The Australian Federal Police (AFP) has created a new cryptocurrency division for supervising cryptocurrency-oriented transactions. 

On the basis of information by Cointelegraph, Stefan Jerga, national manager, AFP’s criminal asset confiscation command, stated that cryptocurrency usage in criminal activity went up since the AFP made its first cryptocurrency seizure in 2018, in response to which AFP decided to set up a cryptocurrency team. The AFP officially reported that it reached its objective of seizing $600 million from financial crimes two years before schedule. Officially, the target was set by the AFP-based Criminal Assets Confiscation Taskforce and was expected to be reached by 2024.

As per Cointelegraph, since February, 2020, AFP has seized $380 million in residential and commercial property, $200 million in cash and bank accounts, and $35 million in cars, boats, aircraft, artworks, luxury items and cryptocurrencies. Jerga made the point that the volume of cryptocurrency seizures was low compared to criminal assets such as property and cash. 

Moreover, Cointelegraph noted that earlier, an Australian Transaction Reports and Analysis Centre (AUSTRAC) showed their scepticism about the transparency of cryptocurrencies. John  Moss, deputy chief executive, AUSTRAC, made the argument of cryptocurrencies’ usage across international borders. While Bitcoin (BTC) transactions are not anonymous, they are publicly trackable through blockchain investigators. Difficulties have been increasing around conducting of Bitcoin (BTC) transactions anonymously, as users are required required to fill in their Know Your Customer (KYC) data.

Going by Cointelegraph’s website, founded in 2013, it is an independent digital media resource covering news on blockchain technology, cryptocurrency assets, and emerging financial technology (fintech) trends. Their team aims to deliver news from both the decentralised and centralised worlds, across the globe.

(With insights from Cointelegraph)   

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