TECH

Terrorists Exploit Cryptocurrency, Says Australian Home Affairs Minister Peter Dutton

Terrorists are exploiting crypto-currencies to fund their deadly missions, Home Affairs Minister Peter Dutton has warned.

Dutton says the anonymity of the online currencies allows extremists to escape scrutiny.

“The anonymity afforded by such technologies enables terrorist financiers to obfuscate their activities,” he told a counter-terror conference in Melbourne on Thursday.

“The increasing use of digital and crypto-currencies, stored-value cards, online payment systems­ and crowd-funding platform­s provide new channels through which terrorism may be financed.”

Australian Home Affairs Minister Peter Dutton
Australian Home Affairs Minister Peter Dutton faces the media at a press conference in Canberra on Aug. 21, 2018. (Sean Davey/AFP/Getty Images)

He said countries need to stay ahead of modern financing measures, while also warning terrorists continue to use traditional methods, like ransom money and fraudulent charities.

He called on Australias private lenders to help join the fight, saying nations needed to embrace expertise from outside governments.

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