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contactcentrecentral Australian Justice Minister Michael Keenan.
DARWIN, NETRALNEWS.COM - Australia announced on Thursday it will tighten money laundering laws, including bringing bitcoin providers or virtual currency under AUSTRAC delivery, the government's financial intelligence unit.
Australian Justice Minister Michael Keenan said in a press release this would be the first phase of reform to strengthen the Anti-Money Laundering and Counter-Terrorism Finance Law.
The law also aims to strengthen the enforcement of AUSTRAC investigations and enforcement, days after the agency alleged Bank of Australia was "serious and systemic" in violation of money laundering laws.
"The threat of serious financial crime continues to grow, as new technologies emerge and criminals seek to exploit them cruelly, making sure that there is no place for criminals to hide," Keenan said.
"Stopping the movement of money to criminals and terrorists is an important part of our national security defense and we expect the business organized in Australia to comply with our comprehensive regime."
Keenan added that the digital currency exchange sector, which includes bitcoin, will be set for the first time.
