Report Warns of Increasing Crypto Use in Money Laundering in Australia
Australia's financial intelligence agency (AUSTRAC), has identified a growing trend in the use of cryptocurrencies for money laundering.
The latest report highlights that despite the prevalence of traditional methods like cash, real estate, and luxury goods, there is an increasing shift towards digital currencies and unregistered remittance services.
The 2024 Money Laundering National Risk Assessment points out that while traditional methods still dominate, the anonymity and speed of cryptocurrency transactions make them attractive to criminals.
READ MORE: Bitcoin Whales Accumulate Over $4B During Recent Market Slump
AUSTRAC anticipates a rise in the misuse of digital currencies as they become more mainstream.
Key points from the report include:
- Increased Use of Digital Currencies: Criminals are increasingly turning to digital currencies and unregistered exchanges.
- Higher Risk Factors: Traditional methods like cash are still rated as “very high” risk for money laundering, whereas digital currencies are considered “high” risk.
- Future Vulnerability: As digital currency usage grows, so will its potential for criminal exploitation.
AUSTRAC emphasized the need for crypto exchanges to register under the AML/CTF Act to combat these issues effectively. The report also highlighted the importance of evolving regulatory measures and international collaboration to address the rising threat of crypto-related money laundering.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
