Drug empires, life-destroying scams and extravagantly lavish lifestyles have been fuelled by a spike in cryptocurrency crime, as criminals exploit its anonymity to move extraordinary amounts of cash in and out of the country.
This week a Sydney court is expected to sentence a money launderer who allegedly shifted massive ill-gotten sums using cryptocurrency. In the 2022-23 financial year, the AFP seized more than $41 million in cryptocurrency, equalling 11.7 per cent of all its seizures. “So, with a warrant with police searching a house, it’s being able to upskill across the enterprise as to what the investigators should be looking for. The challenge with crypto will be the speed at which it can transfer. And in the absence of that being in our possession … it can dissipate very quickly”.Research shows cryptocurrency is increasingly influencing the black market of drug importation.
Bellis explained offenders exploit both the formal and informal remittance sector. “They operate under the nose of everyday Australians,” he said. Asked if the AFP has the capability to trace the anonymous blockchains underpinning digital currency, McDonald said: “We absolutely do.”