A cryptocurrency forensic unit has been launched by the Australian Federal Police (AFP) to address crimes around cryptocurrency and money laundering.
According to Stefan Jerga, the head of the new unit, the initiative became necessary having observed that cryptocurrency crimes have increased significantly in recent years.
“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, whether they’re national security-related, child protection, cyber – or the ability to trace cryptocurrency transactions across the relevant blockchains is really, really important,” – Stefan Jerga, national lead of criminal confiscation at the AFP.
With its high ranking in cryptocurrency adoption, the Australian government says that the unit will deal with illegal issues around cryptocurrency, monitor transactions, and provide tracing services when needed.
The criminal asset confiscation command of the Australian police force recently announced that it has seized over $600 million from the proceeds of crime for two years.