The Australia-based police force is reportedly spending efforts to streamline crypto expertise and trace crypto transactions, via forming a dedicated law enforcement team.

Specifically, The Australian Federal Police (AFP) has reportedly finalized the formation of a new crypto unit to concentrate on supervising crypto-associated transactions. 

Stefan Jerga, the national manager of the AFP’s criminal asset confiscation command further revealed that illicit involvement of crypto in criminal activity had witnessed a major surge since the AFP made its first crypto seizure in early 2018. 

As a responding initiative, AFP reportedly came up with the decision to establish a dedicated crypto team in August, Jerga noted.

The hightened concentration regarding illicit crypto transactions reportedly surfaces during the time AFP confiscating an increased amount of criminal assets compared to the original expectation from the authority. 

An official announcement from the AFP reportedly disclosed its success in meeting the target of confiscating $600 million from financial crimes two years ahead of schedule. 

The goal was originally set by the AFP-led Criminal Assets Confiscation Taskforce and was expected to be reached by 2024.

Since February two years ago, the AFP has confiscated $380 million in residential and commercial property, $200 million in cash and bank accounts, and $35 million in cars, boats, aircraft, artworks, luxury items and cryptocurrencies. Jerga further remarked that crypto-related confiscations were not as significant in comparison with “traditional” criminal assets such as property and cash, but the extra focus is expected to offer more insights.

Per the AFP manager, the environment reportedly led to the formation of a standalone team, opposed to numerous officers “picking up some of this skill set as part of their overall role.” He also claimed that the power to trace crypto transactions throughout blockchains is “really, really important” alongside national security, child protection and others.