Australian Federal Police Sets Up a Cryptocurrency Unit to Hit Criminals

The country’s primary law enforcement organization, the Australian Federal Police (AFP), has reportedly formed a new unit dedicated to combating illegal acts involving cryptocurrencies, according to a report by the Australian Financial Review. Australian Federal Police Exceeds $600M Revenue The AFP exceeded a $600 million revenue-raising target when they established the task to ensure that crime does not pay for criminals attained its goal two years ahead of schedule, which led to the heightened focus on illicit money transfer via cryptocurrency. Stefan Jerga, the national manager of the AFP’s criminal asset confiscation command, claimed that since the agency’s first seizure in early 2018, the use of cryptocurrencies in illegal activity has grown significantly, necessitating the creation of its first team specifically focused on these capabilities in August. Following a massive money laundering investigation, Australian officials seized cryptocurrency and other assets in Canberra worth millions of dollars in August. The Joint Chiefs of Global Tax Enforcement, which consists of their American counterparts, provided them with assistance. AFP’s Criminal Confiscation Command It is well ahead of time that the AFP’s criminal confiscation command, founded in 2020, has been able to seize $600 million. Initially, the task team was expected to accomplish that goal by 2025. The AFP has so far taken $35 million in boats, planes, works of ...