Cryptocurrency is a highly volatile and relatively new market / method of exchanging wealth. Whilst certain KYC (know your customer) legislation exists, the cryptocurrency medium is still in its infancy. It is attractive to money launderer’s as it provides a good medium to transfer wealth whilst not recognising borders and remaining pseudonymous.

The rise of cryptocurrency involved in proceeds of crime may have led to the AFP to recruit multiple cryptocurrency investigators https://jobs.afp.gov.au/job-opportunities/details/cryptocurrency-investigators-bands-4-6-8229

It can be assumed that as time goes on, further laws will be made tightening cryptocurrency laws and further law enforcement action will take place in the cryptocurrency sphere.

About Post Author

Brian Walker

B.Acc., GradDipLegPrac, Juris Dr
Barrister & Accountant.
Former Criminal Defence Solicitor. Former Federal Prosecutor for the Commonwealth Director of Public Prosecutions prosecuting Commonwealth crimes relating to drugs and child exploitation. Former Australian Federal Police member litigating proceeds of crime matters. Former Australian Taxation Office employee investigating offshore tax evasion matters.

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