Australia’s financial watchdog, AUSTRAC, has raised alarms about the rising use of digital currencies in illicit transactions, according to the 2024 Money Laundering National Risk Assessment. The report marked crypto as a “high” risk factor, though traditional channels like cash, real estate, and luxury goods were deemed even riskier.
Despite the lower risk rating, AUSTRAC urged crypto exchanges to register under the AML/CTF Act, anticipating high risks from digital currencies over the next three years. The report also highlighted the need for international collaboration and stringent regulations.
Australia saw several crypto-related crimes in early 2024, including a high-profile YouTube hack promoting a scam. Additionally, the country has banned cryptocurrency for online gambling and increased regulatory scrutiny on crypto exchanges and investors.
As digital currency use grows, so too will opportunities for criminal misuse, making robust regulation crucial for the future.
