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Cryptocurrency and Financial Crime in Australia: A Growing Concern

A recent study published by Dr. Aaron Lane and Dr. Lisanne Adam at Monash University Law Review has shed light on the growing trend of cryptocurrency-related financial crime in Australia. The study, which analyzed court records from 2009 to 2020, reveals a significant increase in crypto-related cases, with illicit actors using cryptocurrencies to facilitate fraud and money laundering.

A New Era of Financial Crime

Darknet market activity is no longer the primary concern, but rather a symptom of a larger problem. Criminals are increasingly using cryptocurrencies for scams, fraud, and other financial crimes, taking advantage of their anonymity and speed.

The Scale of the Problem

The Australian Competition and Consumer Commission (ACCC) has reported that Australians lost AUD 221 million (USD 145 million) to crypto-related scams in 2022, a 162% increase from the previous year. The ACCC estimates that only 13% of scams are reported, suggesting that the true extent of the problem may be much higher.

Law Enforcement’s Response

Law enforcement agencies are responding to this growing threat by expanding their capabilities and powers to fight crypto-related crime. The Australian Federal Police (AFP) has established a dedicated crypto team, which has expanded its suite of capabilities and powers to include:

Asset seizure
Information gathering for digital assets

The state of Victoria has also enhanced its police force’s asset seizure and information gathering powers for digital assets, allowing them to:

Seize crypto and other digital assets
Direct crypto platforms to provide information on suspects

International Cooperation

International cooperation is also key in the fight against crypto-related crime. The AFP has entered into a new arrangement with the Indonesian National Police to improve coordination on cybercrime investigations and better respond to the “significant regional threat of cybercrime.”

Recommendations for Consumers and Regulators

The study’s findings highlight the need for increased awareness and education among consumers about the risks associated with cryptocurrencies, as well as the importance of regulatory efforts to prevent scams and fraud.

As the use of cryptocurrencies continues to grow, it is essential that law enforcement agencies and regulators work together to stay ahead of the evolving landscape of crypto-related financial crime. By staying informed and taking proactive steps, we can reduce the impact of this growing threat on individuals and communities.