Parliament of Australia’s Parliamentary Joint Committee on Intelligence and Security has commenced a review of the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2026, which would extend the Australian Transaction Reports and Analysis Centre’s (AUSTRAC) powers and update aspects of Australia’s AML/CTF framework. The Bill, introduced on 12 March 2026, would allow the AUSTRAC Chief Executive Officer to restrict or prohibit reporting entities from using high-risk mechanisms to provide designated services. It would also amend the meaning of financing of terrorism to reference new offences for financing a state sponsor of terrorism, alongside technical amendments. The Committee framed the inquiry in the context of evolving transnational organised crime methods, including the use of emerging technologies and changes in financial sector infrastructure. Written submissions are due by Friday, 8 May 2026.
Parliament of Australia 2026-04-01
Parliament of Australia’s Intelligence and Security Committee begins review of bill expanding AUSTRAC powers to restrict high-risk mechanisms
Australia’s Parliamentary Joint Committee on Intelligence and Security has begun reviewing the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2026, which would extend AUSTRAC’s powers and update Australia’s AML/CTF framework. The Bill would let AUSTRAC’s CEO restrict or ban high-risk mechanisms for designated services, broaden the definition of terrorism financing to include financing a state sponsor of terrorism, and make related technical amendments responding to evolving transnational organised crime and emerging technologies.