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Queensland law enforcement agency calls for more powers to seize crypto

News Feed - 2024-04-10 08:04:02

Arijit Sarkar12 hours agoQueensland law enforcement agency calls for more powers to seize cryptoThe Crime and Corruption Commission is calling for a reform of Queensland’s Criminal Proceeds Confiscation Act 2002 to counter the growing illicit use of cryptocurrencies in the state.1415 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe Crime and Corruption Commission (CCC), a law enforcement agency in Queensland, Australia, has identified certain gaps in state laws that encourage criminal use of digital assets.


To overcome these legal shortcomings, the agency has proposed modernizing Queensland’s asset confiscation regime.


The CCC questioned the efficacy of Queensland’s Criminal Proceeds Confiscation Act 2002 (CPCA) when it comes to confiscating cryptocurrencies tied to organized crimes, such as money laundering.


The commission has called for a significant reform of the Act that seeks to achieve seven priority outcomes, three of which directly relate to the effective seizure of digital assets. It said:“Digital assets are expected to continue to proliferate as the criminal environment increasingly becomes less physical, and the CPCA less effective for dealing with digital assets.”


The lack of crypto-related language in the CPCA, such as cryptocurrency, crypto asset or digital asset, is the root cause of the gaps within Queensland’s legislative regime, according to the CCC.


Citing the importance of CPCA to remain fit for purpose within a changing criminal environment, the commission added:“While digital assets can be restrained and forfeited under the CPCA, there are currently no specific provisions for investigative agencies in Queensland to facilitate effective seizure of digital assets.”


The CCC sees this inability to seize digital assets as hindering Queensland’s ability to gather evidence, attribute ownership of a digital asset, or facilitate the storage or transfers of digital assets, among others.


The commission recommended reforms such as defining “digital assets” and introducing them to money laundering laws, converting seized assets into stable currencies amid legal proceedings and automatic forfeitures.


Related:Australia poised for ‘inflection point’ of crypto demand — Kraken Aus MD


In March, Alan Kirkland, commissioner of the Australian Securities and Investments Commission (ASIC), unveiled a strategy to foster responsible financial innovation development.Source: ASIC Media


Kirkland pointed out the need to solve the “regulatory trilemma” when it comes to financial innovations, which includes consumer protection, market integrity and encouraging financial innovation.


Kirkland believes that ASIC’s approach to innovation and effective regulation can reduce the associated risks and help promote digital assets to the masses.


Magazine:1 in 6 new Base meme coins are scams, 91% have vulnerabilities# Law# Australia# Adoption# AML# Money Laundering# RegulationAdd reaction