Back
~
2
min read
· Posted on
February 21, 2024

The AFP has been seeing so much crypto crime it's launched a whole unit to tackle it

The AFP's been seeing so much crypto crime it decided to do something different.

What's the key learning?

  • Financial crime in the crypto space is skyrocketing so now the AFP's decided to launch a new unit to target it
  • While crypto technology can be used for good, it has been used by criminals

👉 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.

What's the key learning?

💡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.

Ready to win at money?

Sign up for Flux and join 100,000 members of the Flux family

A button to App StoreGoogle Play store button
Excellent  4.9 out of 5
Star rating
No items found.