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Michelle Grattan, Professorial Fellow, University of Canberra

Government to introduce new powers to fight money laundering, terrorism financing, crypto crime

Crypto Tony Burke Terrorism AUSTRAC Home Affairs Cryptocurrency

Home Affairs Minister Tony Burke on Thursday will outline new powers to combat money laundering, terrorism financing and crime risks associated with cryptocurrency and Crypto ATMs.

AUSTRAC, Australia’s anti-money laundering and counter-terrorism financing regulator, estimates 85% of the transactions sent by the top users of Crypto ATMs comes from the proceeds of scams or money-mule activity.

It has found that where victims are stopped from transactions by other financial institutions, the criminals then move to Crypto ATMs (CATMs).

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