Queensland’s CCC Aims to Modernize Confiscation Laws to Facilitate “Effective” Seizure of Crypto Assets

cryptonews.com:

Queensland’s Crime and Corruption Commission (CCC) has identified gaps in state laws that inadvertently encourage criminal use of digital assets, prompting the agency to propose a modernization of Queensland’s asset confiscation laws.

In a  54-page report , the CCC expressed concerns about the effectiveness of Queensland’s Criminal Proceeds Confiscation Act 2002 (CPCA) in seizing cryptocurrencies linked to organized crimes, such as money laundering. 

In response, the commission called for significant reforms to the act, with a focus on achieving seven priority outcomes, three of which directly address the need for the effective seizure of digital assets. 

The CCC highlighted the increasing prevalence of digital assets in the criminal landscape and the inadequacy of the current legislation in dealing with this emerging form of criminal activity.

“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 CCC emphasized the importance of updating the CPCA to remain relevant and effective in a changing criminal environment. 

Presently, there are no provisions within Queensland’s legislative framework that enable investigative agencies to facilitate the seizure of digital assets effectively.

The inability to seize digital assets impedes Queensland’s ability to gather evidence, establish ownership, and manage the storage and transfers of digital assets, among other challenges. 

To address these issues, the CCC recommended various reforms, including defining “digital assets” and incorporating them into money laundering laws. 

Additionally, the commission suggested converting seized assets into