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).
Almost all (99%) of CATM transactions are estimated to be cash deposits, which are high risk for money laundering, the government says.
Under amendments Burke will introduce, the AUSTRAC CEO…
