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Australian law regulators establishes cybersecurity unit to track financial transactions

The authorities in Australia are forming a specialized unit with the purpose of gaining more understanding about cryptocurrencies and monitoring the transactions using them.

According to a report published on Monday in The Australian Financial Review, the Australian Federal Police (AFP) has established a new cryptocurrency unit that will concentrate on monitoring transactions connected to cryptocurrencies.

Since the Australian Federal Police (AFP) conducted its first cryptocurrency seizure at the beginning of 2018, Stefan Jerga, the national manager of the AFP’s criminal asset confiscation command, said that the usage of cryptocurrency in criminal activities has considerably grown. According to Jerga, in response, the AFP made the decision in August to establish a specific crypto squad.

The increasing emphasis on illegal crypto transactions comes as AFP collects a lot more criminal assets than the authorities had initially projected. On Monday, the AFP made the formal announcement that it had accomplished its target of confiscating $600 million from those involved in illegal financial activity two years ahead of schedule.

The goal was established in the beginning by the Criminal Assets Confiscation Taskforce, which is directed by the AFP, and it was anticipated that it would be accomplished by the year 2024.

At the beginning of this year, a representative from the Australian Transaction Reports and Analysis Centre (AUSTRAC) voiced doubts about the degree to which cryptocurrencies are open and accessible to the public. John Moss, the deputy chief executive of AUSTRAC, said that the fact that cryptocurrencies can be used anonymously, fast, and across international boundaries makes them ” attractive for criminals,” including neo-Nazi organisations.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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