AFP restrains Over 6M dollars in crypto from organized crime
The Australian Federal Police (AFP) have seized $6.4 million from the alleged mastermind behind Ghost.
According to a media release, AFP said that as part of AFP Operation Kraken, the 32-year-old man from Narwee was taken into custody on September 17 and charged with five offenses, one of which was supporting a criminal organization. After examining digital devices found in Narwee home and deciphering the account's seed phrase, an analytics specialist working for the AFP-led CACT placed restrictions on the assets.
Operation Kraken
The Commonwealth will eventually have to forfeit the restrained assets, according to the CACT. Investigations are still underway.
46 people have been arrested as a result of the AFP's Operation Kraken campaign against organized crime, which has also led to 93 search warrants and 50 threats of harm or death being stopped. Since 2022, 11.09 million AUD ($7.6 million) in other assets and 2.37 million AUD ($1.6 million) in cash have also been taken by Operation Kraken.
AFP Boosts Crime Prevention Initiatives
The asset restriction is the second one pertaining to AFP Operation Kraken; the first one occurred in September when the CACT placed restrictions on assets connected to a syndicate in Western Australia.
Acting Commander Scott Raven of the AFP warned organized crime groups that the AFP was always one step ahead of them if they attempted to conceal the proceeds of their illegal operations. The restriction of these assets shows the technical know-how and strength that the AFP and its partners can apply to combat organized crime through the CACT.
AFP led CACT
In 2012, the government officially instituted CACT as a proactive and inventive method to locate, detain, and eventually seize assets used for illicit activities. The highly qualified CACT members are spread throughout Australia and include financial investigators, forensic accountants, attorneys, cryptocurrency specialists, police, and partner agency specialists.
Based on the civil standard of proof, the Commonwealth's proceeds of crime laws offer a wide range of tools for the financial penalty and unexplained wealth orders, as well as the restraint of both proceeds and instruments of crime. The CACT has seized more than $1.1 billion in illicit assets since July 1, 2019, dealing a serious blow to organized crime.
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