The Australian Transaction Reports and Analysis Centre (AUSTRAC), a government financial intelligence agency, has reported an increase in criminal activities involving cryptocurrencies and related services in its latest money laundering report. The 2024 AUSTRAC Money Laundering National Risk Assessment highlighted the rise in criminal use of digital currencies, exchanges, and unregistered remittance services. Despite the preference for traditional methods like cash and real estate, digital currencies are gaining popularity among money launderers due to their anonymity and speed. AUSTRAC emphasized the importance of crypto exchanges registering under the AML/CTF Act to combat illicit activities. Additionally, the report stressed the need for ongoing regulatory adjustments and global cooperation to tackle money laundering in the crypto space. The Australian government's recent ban on using crypto and credit cards for online gambling aims to protect consumers and promote responsible gambling behavior. Read more AI-generated news on: https://app.chaingpt.org/news