Germany’s Financial Intelligence Unit (FIU) reported a record increase in cryptocurrency-related suspicious activity reports (SARs) in 2024, even as the total number of filings declined.
According to the agency’s annual report released on Tuesday in Cologne and published by Bloomberg, the FIU received 8,711 crypto-linked SARs, an 8.2% increase from 2023. This uptick occurred despite a decrease in overall submissions following the introduction of new guidance aimed at filtering out irrelevant reports.
The majority of these flagged transactions involved Bitcoin, followed by Ethereum (ETH), Tether (USDT), and Litecoin (LTC). According to the FIU, these digital assets were frequently connected to activities on crypto exchanges, mixing services, and online gambling platforms, channels often scrutinised for their potential to facilitate illicit financial activity.
The report further emphasised that such transactions are commonly used to conceal the origins of criminal proceeds. This highlights the escalating role of digital assets in sophisticated money laundering schemes.
Germany’s findings reflect a broader international trend. In the United Kingdom, the National Crime Agency reported that cryptocurrency exchanges were linked to 6.6% of all Suspicious Activity Reports (SARs) filed during the 2023–24 fiscal year. Total SAR filings in the UK rose slightly to approximately 872,000, with authorities noting a sharp increase in reports related to counter-terrorism financing and the freezing of suspicious accounts.
Similarly, in the United States, the Financial Crimes Enforcement Network (FinCEN) received over 8,600 SARs related to cryptocurrencies in fiscal year 2023. This spike followed a specific advisory issued in September, which led to a surge in weekly filings peaking at nearly 1,560. Altogether, U.S. financial institutions submitted around 4.6 million SARs throughout the year.
Meanwhile, in Australia, authorities are also cracking down on illicit wealth tied to cryptocurrency. A Queensland man has lost control of millions of dollars in luxury assets, including Bitcoin, a waterfront mansion, and a Mercedes-Benz, after investigators linked the items to suspected criminal proceeds. The Australian Federal Police (AFP), through its Criminal Assets Confiscation Taskforce (CACT), announced on May 18 that it had seized 25 Bitcoins as part of the operation.
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