Australian law enforcement is working to increase crypto expertise and monitor transactions by forming a dedicated police group. According to the Australian Financial Review, the Australian Federal Police (AFP) reached its aiml to raise $600 M from illicit money transfers. This is despite the expected date to reach the aim being 2024.
Related: Australia to Release Crypto Regulatory Framework Soon
National Manager of the criminal asset confiscation command of the police, Stefan Jerga said the use of cryptocurrencies in criminal activity has grown essentially since the agency made its first crypto seizure in 2018. The executive noted as a response they decided to establish a dedicated crypto team.
Data reveals that the police have seized $380 M in residential and commercial property since February 2020. $200 M from this sum came in cash and bank accounts, and $35 M in cars, boats, aircraft, artworks, luxury items, and cryptos.
Stefan Jerga mentioned that crypto seizures were small compared to “traditional” criminal assets like property and cash, but additional focus is needed to explore more insights.