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According to the Australian Financial Review (AFR), the Australian Federal Police (AFP) has developed a unit to combat the use of bitcoin for money laundering and offshore.
The unit was established when the force's criminal asset confiscation command exceeded its 2024 target of capturing $600 million in illicit proceeds by two years. In February 2020, the command was established.
According to Stefan Jerga, who heads the new unit, the use of cryptocurrency in crime has expanded considerably in recent years, necessitating the creation of a separate team.
"It's targeting assets, but it's also providing that valuable, investigative tracing capability and lens for all of our commands across all of our businesses," Jerga added, according to the paper.
While the amount of bitcoin confiscated was tiny in comparison to cash and property, AFP Commissioner Reece Kershaw stated that a focus on cryptocurrencies gave benefits through tremendous intelligence insights into the business structures of organized crime.
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