The AFP-led Criminal Assets Confiscation Taskforce (CACT) has successfully restrained property valued at almost $2 million as part of an investigation into an alleged criminal syndicate in Western Australia, marking the first asset restraint under AFP Operation Kraken.
Cryptocurrency and two residential properties were restrained in August, 2024 under the Commonwealth Proceeds of Crime Act 2002.
The assets were allegedly linked to a Perth man, who was identified as allegedly using the encrypted platform Ghost to communicate with other people being investigated by the AFP.
The CACT successfully applied to the WA District Court to restrain the assets as suspected proceeds of crime because the value of the cryptocurrencies and properties was "grossly out of proportion" to the man's declared taxable income and expenditure.
Investigations are ongoing. The CACT will apply to have the restrained assets forfeited to the Commonwealth.
The AFP-led CACT brings together the resources and expertise of the AFP, Australian Taxation Office, Australian Criminal Intelligence Commission, AUSTRAC and Australian Border Force. It was permanently established in 2012 as a proactive and innovative approach to trace, restrain and ultimately confiscate criminal assets.
The highly skilled members of the CACT are located Australia-wide and comprise of police, financial investigators, forensic accountants, lawyers, cryptocurrency experts and partner agency specialists.
The Commonwealth's proceeds of crime laws provide extensive tools for the restraint of both proceeds and instruments of crime, as well as imposing financial penalty and unexplained wealth orders, based on the civil standard of proof. Since 1 July, 2019, the CACT has restrained more than $1.1 billion in criminal assets, delivering a significant blow to organised criminals.
The funds ultimately confiscated by the courts are placed into the Confiscated Assets Account, a special purpose account, which is managed by the Australian Financial Security Authority on behalf of the Commonwealth. These funds can then be distributed by the Attorney-General as Minister responsible to benefit the community through crime prevention, intervention or diversion programs or other law enforcement initiatives across Australia.