The unit came in August to work to align with the Criminal Assets Confiscation Taskforce to reduce illegal crypto hedge funds.
Brief of the Headlines
The Australian Police Force (AFP) established a standalone to handle the matters of crypto transactions for offshoring and money laundering by criminals and hackers. Previously, the new left-centrist government announced the token mapping in this direction. As per the reports, the team would function under the Criminal Assets Confiscation Taskforce (CACT).
Why did AFP take this step?
Since 2020, when the CACT came into force, it has usurped the crypto amount that par with AUS$600 million ($480 million) in the form of illegal property and funds. The quantity includes AUS$35 million ($23.5 million) as vehicles, artworks, and crypto.
Detecting such crypto transactions is also essential to curb the activities of infiltrators and violators and break the herd of terrorists. Therefore, examining national security, cybercrime, child protection, and smuggling must be essential.
Why did the need for the crypto unit?
Stefan Jerga, a national manager of CACT, said that the task force realised the shortcomings and confusion in the activities of CACT.
Before the unit’s formation, CACT selected many police officers to figure out crypto’s invalid purposes. Regular variations of personnel caused disorientation in a particular clampdown.
AFP disclosed reliable data to bulwark the support of CACT over the decision to set up the task force. It revealed the success of CACT in lowering unlawful crypto funds, like it CACT had accomplished the goal as it would plan for 2024 to seize AUS$600 million in illicit crypto gains.
As the utterance of Stefan Jerga, the breakthrough of the CACT is small compared to the traditional criminal capitals like property and cash.
Further, he added that the crypto unit would be beneficial for the CACT to handle hijacked more unconstitutional crypto quantity in the future. And the crew would capture the leading players behind these events to streamline our national security and pure crypto trading.