Australia’s financial watchdog has expressed concerns over the surge in digital currency usage in facilitating illicit transactions.

Per the 2024 Money Laundering National Risk Assessment from the Australian Transaction Reports and Analysis Centre (AUSTRAC), a financial intelligence agency, the nation has seen an uptick in criminal use of cryptocurrency and crypto exchanges. The report labeled crypto as a “high” risk factor.

Meanwhile, digital currency exchanges were awarded a “medium” risk factor.

Interestingly, most unlawful activities were facilitated by traditional channels like cash, real estate, and luxury goods. These were given the “very high” risk status, with cash leading the pack.

Similar sentiments were recently echoed by Jim Lee, former US Internal Revenue Service …