Government warns of crypto money laundering surge, pledges to beef-up AUSTAC powers — Capital Brief
The news: Home Affairs Minister Tony Burke has unveiled beefed-up AUSTRAC powers to restrict high-risk products, singling out crypto ATMs as a major target.
Speaking at the National Press Club on Thursday, Burke announced new powers to crack down on serious crime syndicates using crypto ATMs to launder money and finance terrorism.
The context: The plan, which would need to pass parliament, includes extra AUSTRAC powers to disrupt so-called ‘mule accounts’, legitimate bank accounts taken over by criminals — often by purchasing or renting them from international students or other visa holders.
Burke said AUSTRAC estimated 85% of transactions sent by major users of the devices, which are commonly found in convenience stores, involve the…
