The AFP's been seeing so much crypto crime it decided to do something different.
👉 Background: The Australian Federal Police is a lot like regular cops, but this crew tends to focus on things like national security, organised crime, and protecting government VIPs.
👉 What happened: The AFP previously had a goal to intercept $600m in crypto-crime by the end of financial year 2024 - but it has hit its goal already.
👉 What else: So now the AFP’s decided to launch a new unit targeting money laundering through crypto. It makes sense, because financial crime in the crypto space is skyrocketing.
💡While crypto technology can be used for good, it has been used by criminals to launder their money, evade their taxes and even finance terrorism since its origination.
💡 The financial crime agency AUSTRAC reckons illicit transfers through crypto are running at around four times the rate of transactions through the traditional banking system.
💡 And with a global crypto market worth more than $1 trillion, we can see why the AFP wants to get on top of the problem sooner rather than later.
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