The growth of online banking and digital currencies haver been cited as the main causes of a massive rise in organised crime in Australia's financial sector, Bitcoin.com reported.
A report issued by the Australian Criminal Intelligence Commission (ACIC) last week estimated that money laundering and other financial crimes perpetrated by large criminal gangs are costing the country more than $28.43bn a year.
The report clarified the government’s position: “The two key enabling technologies currently used to facilitate serious and organised crime are virtual currencies and encryption. Virtual currencies, such as Bitcoin (Bitcoin), are increasingly being used by serious and organised crime groups as they are a form of currency that can be sold anonymously online, without reliance on a central bank or financial institution to facilitate transactions.”
"Bitcoin, which can be traded anonymously and is as good as cash, is traded now on most significant international exchanges," said Justice Minister Michael Keenan.
The report also highlighted the increase in money laundering through online betting sites, many of which are owned by international crime syndicates. Earlier this year, authorities fined the country's largest betting company Tabcorp Holdings $35m for beaches of anti-money laundering rules.