Australia’s federal law enforcement agency has highlighted the criminal use of cryptocurrency as an “emerging threat” in the country but says it’s a continuous challenge to keep up the pace with criminals.
A spokesperson for the Australian Federal Police (AFP) told Cointelegraph that there has been an “increase in the number of offenders using cryptocurrencies to facilitate illicit business and attempting to conceal the ownership of assets,” noting:
“The criminal use of cryptocurrency is an emerging threat for law enforcement.”
However, they admitted the biggest challenge for law enforcement is to “continually evolve” their “tools, techniques and legal frameworks” to keep pace with criminals, particularly as mainstream adoption of cryptocurrency increases.
Last month, the AFP established a new cryptocurrency unit focused on monitoring crypto-related transactions.
However, the spokesperson said that despite the previous establishment of crypto-focused units, “criminals are continuing to find opportunities to avoid law enforcement and exploit the public.”
Misplaced focus?
One Australian private investigator believes the AFP is yet to focus on the “prolific and profitable” crypto crime yet — online investment fraud.
IFW Global executive chairman Ken Gamble told Cointelegraph that most of the AFP’s focus recently has been on crypto money laundering relating to drug trafficking, cyber intrusion, ransomware, email compromise and hacking, but…
