Middle-aged Australians are being exploited as 'money mules' to convert illicit funds into cryptocurrency, using a record number of crypto ATMs. The Australian Transaction Reports and Analysis Centre (AUSTRAC) has noticed an increase in crypto ATMs, growing from around 200 at the start of 2023 to over 1200. The rise is linked to money laundering activities by South-East Asian organizations and Australian-based criminals.
Middle-aged Australians are being turned into “ money mules ” to convert cash raised by organised criminals into cryptocurrency so it can be moved out of the country via a record number of specialist ATMs springing up around the nation.
He said people in their 50s and 60s, having been hoodwinked into crypto investments, were often being persuaded by scammers to deposit cash into the machines, inadvertently becoming part of organised criminal networks that were using cryptocurrencies to launder profits. In some cases, they are losing their life savings.“The worry is that we see these people who are scammed being coerced by the scammers into becoming money mules, moving money around these ATMs,” he said.
“We will take strong action. We’re warning these businesses that the penalties are larger than the profits they can make,” Thomas said. Instead, the details were used to invent fake businesses with their own ABNs which were used to submit fake business activity estimates to claim GST refunds. About $1.2 billion was paid out in GST rebates while another $2.7 billion worth was stopped.
“Not only is this behaviour putting honest businesses at risk, but it also takes funding away from vital community services such as hospitals, schools and transport.”
CRYPTO ATM MONEY MULES AUSTRALIA AUSTRAC MONEY LAUNDERING
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