The Australian Transactions and Reports Analysis Centre (AUSTRAC) has issued a stark warning about increasing crypto money laundering risks, according to a new report by the financial regulator.
New AUSTRAC Assessment Shows Crypto Money Laundering Risks On The Rise
AUSTRAC’s 2024 National Risk Assessment highlights the growing money laundering vulnerabilities associated with digital currencies, predicting that these risks will continue to rise. Both digital currency exchanges and tokens are classified as medium risk, with expectations of further increases over the next three years.
The report also identifies luxury goods, casinos, cash-intensive businesses, and unregistered remittance dealers as additional money laundering vulnerabilities.
The warning comes amid international pressure to address illicit digital asset use, with organizations like Hamas reportedly seeking digital currency fundraising since 2019. AUSTRAC CEO Brendan Thomas emphasized that digital currencies are being exploited to move funds quickly, cheaply, and with perceived anonymity.
To combat these risks, AUSTRAC recommends ongoing investigations, asset confiscation, regulatory reform, industry outreach, and strengthened partnerships.
