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A recent AUSTRAC report highlights a surge in crypto crimes, urging Australia to tighten regulations to curb illegal activities.
AUSTRAC's Latest Findings
The most recent money laundering report from the Australian government's financial intelligence agency, AUSTRAC, noted an uptick in illegal activity involving cryptocurrency and associated services.
According to the 2024 AUSTRAC Money Laundering National Risk Assessment, criminals are increasingly turning to digital currencies, exchanges for digital currencies, and unregistered remittance businesses as means of laundering their illicit gains.
Most money launderers still favor the tried-and-true methods of transferring illicit monies, such as cash, real estate, and luxury goods, even if the world is becoming increasingly digital.
Due to the increased anonymity and faster transaction speeds offered by cryptocurrencies, AUSTRAC expects their illegal use to rise. The main conclusions of the report stated:
"Criminal use of digital currency, digital currency exchanges, unregistered remitters and bullion dealers is increasing."
Regulatory Measures Intensified
Cointelegraph elaborates that this led the Australian government to stress once again that the AML/CTF Act requires all cryptocurrency exchanges to register with AUSTRAC.
In addition, the paper offered its viewpoint on the cryptocurrency ecosystem by saying:
“The use of digital currency as a value transfer mechanism will pose an increasing money laundering vulnerability over the next three years. As the use of digital currency expands for legitimate use, opportunities for criminal use will also increase.”
In order to successfully fight money laundering activities involving digital assets and crypto, the research stressed the importance of international cooperation and the ongoing adaption of regulatory measures.
New Gambling Regulations
The use of cryptocurrency and credit cards for online gambling was recently outlawed by the Australian government. Up to about 234,750 Australian dollars ($155,000) in fines might be levied against companies that do not adhere to the new Australian regulations.
An independent group for gambling service providers in Australia, Responsible Wagering Australia, whose CEO is Kai Cantwell, thinks the change makes it easier for people to restrain themselves.
"This is an important measure to protect customers, making it easier for people to stay in control of their own gambling behavior," he further stated.
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