The Australian Federal Police (AFP) has set up a specialized crypto division aimed at improving Bitcoin knowledge and tracking cryptocurrency transactions.
The Australian Financial Review reported on Monday that the Australian Federal Police (AFP) has created a new cryptocurrency squad to concentrate on observing transactions involving cryptocurrencies.
Since the AFP conducted its first crypto seizure in early 2018, according to Stefan Jerga, national manager of the AFP’s criminal asset confiscation command, cryptocurrency usage in criminal activity has dramatically expanded. In reaction to this, AFP made the decision to establish a special crypto team in August, according to Jerga.
The AFP has been seizing far more criminal assets than the authority had anticipated, which has led to an intensified focus on illegal cryptocurrency transactions.
On Monday, the AFP formally announced that it had accomplished its objective of recovering $600 million from financial crimes two years earlier than expected. The first deadline for achieving the goal, 2024, was established by the AFP-led Criminal Assets Confiscation Taskforce.
The AFP has confiscated assets worth $380 million in real estate and business assets, $200 million in cash and bank accounts, and $35 million in vehicles, yachts, aircraft, artwork, luxury goods, and cryptocurrencies since February 2020.
Compared to “conventional” illicit assets like property and cash, Jerga highlighted that cryptocurrency seizures were minimal; nonetheless, the increased attention is anticipated to provide more information.
The AFP manager asserts that rather than many officers “picking up some of this skill set as part of their entire work,” the atmosphere led to the formation of a standalone unit.
Along with other things like child protection and national security, he continued by saying that the capacity to track cryptocurrency transactions across blockchains is “very, really crucial.”
An employee of the Australian Transaction Reports and Analysis Centre (AUSTRAC) raised doubt about cryptocurrencies earlier this year due to their lack of transparency.
John Moss, the deputy chief executive of AUSTRAC, asserted that the anonymity, speed, and cross-border usability of cryptocurrencies make them “desirable for criminals,” including neo-Nazi organizations.
Contrary to popular opinion, Bitcoin (BTC) transactions are publicly trackable with blockchain explorers rather than being anonymous as is commonly believed.
Although it is technically possible to operate an anonymous Bitcoin wallet, it is getting more and more challenging to carry out Bitcoin transactions anonymously because they are frequently linked to customers’ Know Your Customer data.
