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Australian law enforcement investigating bitcoin crime link

Australian law enforcement probing criminal organizations reportedly using bitcoins to help launder money, conduct business
By: Michael Hatamoto | Business, Financial & Legal News | Posted: Dec 2, 2014 2:34 pm

The Australian government is again showing concern that organized crime groups have turned to the bitcoin cryptocurrency to help commit money laundering and collect payments. Australian law enforcement want to crack down on all links related to bitcoins being used as part of organized crime, but it's a slippery slope that is difficult to track.




"We know that virtual currencies including bitcoin are used as payment methods to facilitate illegal trade on the darknet," said Judy Lind, Australian Crime Commission Executive, in a statement to Reuters. "Organized crime groups continue to make use of darknets to harbor trading in illicit commodities, including child exploitation material, illicit drugs and firearms, stolen credit card and identity data, and hacking techniques."


National governments are still largely baffled into potential bitcoin regulations, but if there are signs of criminal groups using the cryptocurrency, the fight could end up getting ugly. In October, a bitcoin ATM was seized during a $2.6 million drug raid in Queensland, the state's first bitcoin ATM machine, and officials believe it was used for criminal activity.


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