Australian Financial Watchdog Warns Of Increasing Crypto Money Laundering Risks In New Report
The Australian Transactions and Reports Analysis Centre (AUSTRAC) is warning residents down under over growing crypto money laundering risks, according to a newly released report by the financial regulator.
AUSTRAC’s Money Laundering In Australia National Risk Assessment for 2024 marks money laundering vulnerabilities associated with digital currencies when used as a transfer of value as high, with the level of risk slated to only increase over time.
Similarly, both digital currency exchanges and tokens used as a store of value possessed medium overall risk that the government agency predicts will rise over the next three years.
Today we released two new national risk assessments taking an in-depth look at the terrorism financing and money laundering threats and vulnerabilities in Australia.
Read more: https://t.co/qRfqsI9mz3#amlctf #nationalriskassessment #fatf #moneylaundering #terrorismfinancing pic.twitter.com/XwgoeJsN2j
— AUSTRAC (@AUSTRAC) July 9, 2024
In addition to crypto-oriented threats, AUSTRAC regards luxury goods, casinos, cash-intensive businesses, and unregistered remittance dealers as additional money laundering vulnerabilities in the report.
“Despite a sustained focus and effort across Australia’s public and private sectors, money laundering remains an intractable issue as it is highly intertwined with all profit-generating crimes,” the assessment reads in part. “The challenges in disrupting money laundering are not unique to Australia. Many of the money laundering threats and risks highlighted in this assessment are noted by other jurisdictions. While the actors may differ, the issues and challenges are strikingly similar.”
News of AUSTRAC’s Money Laundering In Australia’s Nation Risk Assessment
