🚨 Crypto News Flash! 🚨

Australia's financial watchdog, AUSTRAC, has flagged a rise in illicit crypto transactions. The 2024 Money Laundering National Risk Assessment labels crypto as a "high" risk factor, while exchanges get a "medium" risk rating. Surprisingly, traditional channels like cash and real estate are deemed "very high" risk.

Former IRS chief Jim Lee echoed similar views, stating "Cash is still king" due to blockchain's transparency. AUSTRAC urges crypto exchanges to register under the AML/CTF Act and calls for global collaboration to combat these issues.

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Read more: Blockchain can combat illicit fund transfers, Nigeria’s top finance investigator says