Australia Toughening Up on Cybercrime

The country’s police force is deploying a new task force in the midst of exceeding the projected crime rate.

Australia Toughening Up on Cybercrime

As the crypto world keeps getting bigger, even despite experiencing its “winter,” so does the criminal activity around it. In fact, the cybercrime rate seems to be reaching its peak in 2022, and the authorities down under have decided to act.

The Australian Federal Police (AFP) has officially reported it would be deploying a special force focusing solely on the confiscation of illegal digital assets. The decision came after the force had managed to seize $600 million in laundered proceeds since 2020, an amount, which has been projected to come to reality in 2024.

Upon confirming the excess proceeds, the head of the unit, Stefan Jerga, has stated:

“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."

Reece Kershaw, the AFP Commissioner, has commented on the situation, saying that despite the fact that the amount of laundered assets still does not compare to those of real estate and cash, it provides valuable insight into organized crime.

Australia belongs to a number of countries with an ever-so-further developing infrastructure for cryptocurrency regulation. The new police task force shall provide yet another way of collecting data for its further development.

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