Crypto-related Crimes Are Rising in Australia

AUSTRAC, a government agency responsible for financial intelligence, has reported a rise in the illegal use of cryptocurrencies and related services in its recent report on money laundering.

The 2024 AUSTRAC Money Laundering National Risk Assessment highlighted the methods used by criminals to launder money, noting a particularly significant increase in the use of digital currencies, digital currency exchanges, and unregistered remittance services.

Despite the global trend towards digital transactions, many money launderers still prefer traditional methods such as using cash, buying real estate, or purchasing luxury goods for illegal money transfers.

These traditional channels were rated as having a “very high” risk factor by the report, while digital currencies were only given a “high” risk factor.

However, AUSTRAC predicts that the criminal use of cryptocurrencies will continue to rise due to the anonymity and speed they offer for transactions.