AUSTRAC's latest report highlights a rise in criminal use of cryptocurrencies, urging stricter regulations and international cooperation to combat money laundering.
The Australian Transaction Reports and Analysis Centre (AUSTRAC), a financial intelligence government agency, reported increased criminal use of cryptocurrencies and related services in its latest report on money laundering.
The 2024 AUSTRAC Money Laundering National Risk Assessment detailed the methods criminals use to launder money โ citing a notable increase in the criminal use of digital currencies, digital currency exchanges, and unregistered remittance services.
Despite global digitization, most money launderers prefer to use traditional channels for illicit transfer of funds โ cash, real estate and luxury goods.
