Crypto Police: Australia’s Counterattack To Crypto Criminals

  • September 7, 2022
  • Jennifer Moore
Crypto Police: Australia’s Counterattack To Crypto Criminals

Australia introduced a new department with cryptocurrency experts. This crypto police department aims at creating a monitoring system for all cryptocurrency-related transactions, and the department works under the AFP (Australian Federal Police).

What Is The Need For The New Crypto Police?

AFP’s criminal asset confiscation command manager, Stefan Jerga, said there had been a considerable increase in illegal activities since the famous 2018 crypto seizure. Thus, the department has started crypto police to trace the transactions as a counterattack. This department has been in action since August 2022. 

Also Read: Everything You Need to Know About Crypto Credit Cards And Crypto Debit Cards

What Happened To The Criminal Assets Confiscation Taskforce?

In 2020, AFP created a Criminal Assets Confiscation Taskforce for curtaining financial crimes. This task force aimed to seize 600 million dollars from these crimes. The target date set for this goal was 2024. However, in August 2022, the department reached this goal. The task force seized more than half a billion dollars two years ahead of its deadline. 

Also Read: Crypto Regulations: The Need for a Compliance-Driven Crypto Broker Platform

The Seized 600 Million Dollars

Since Feb 2020, the department has seized 380 million dollars in commercial and residential properties, 200 million dollars in bank accounts and liquid cash, and 35 million dollars in miscellaneous items like vehicles (cars, aircraft, and boats), luxury items, artworks, and cryptocurrencies.

However, Jerga mentioned that these crypto seizures are considerably smaller than those seized in traditional assets like cash and properties. However, additional insights are feasible with more focus.

 The Evolution Of The Taskforce Into Crypto Police

Jerga said that this task force is not enough, given the current environment. The country needs a standalone dedicated team. In the task force, the officers gained insight into the crypto world by “picking up some of this skill set as part of their overall role.” However, now the country needs crypto police, the experts who are well-versed in this realm. 

Jerga mentioned that the department aims to improve crypto transactions’ traceability across blockchains. He says this ability is as crucial as child protection, national security, and others.

Will Crypto Transaction Anonymity Remain in the Future?

In early 2022, AUSTRAC (Australian Transaction Reports and Analysis Centre) raised the skepticism that cryptocurrencies are anonymous and anyone can use these across international borders, which makes them a great tool in the hands of evil forces, including neo-Nazis. 

However, experts deny the anonymity of crypto transactions. Quite contrarily, the bitcoins are traceable via blockchain explorers. You can run the BTC wallet anonymously. However, making a transaction with BTC is very much traceable as each transaction is linked with KYC data.

Wrapping Up 

With the new team of cryptocurrency experts up their sleeves, the AFP can have better control over crypto transactions. Believe it or not, these rules and governing agencies can help to remove the fear of cryptocurrencies among the general public, boosting the normalcy of usage.

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