Proposed new powers to combat money laundering and terrorist financing to be reviewed

THE Parliamentary Joint Committee on Intelligence and Security (PJCIS) has commenced a review of the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2026.

The Bill, which was introduced into the Parliament on March12,  2026, would enable the chief executive officer of the Australian Transaction Reports and Analysis Centre (AUSTRAC) to restrict or prohibit reporting entities from using high-risk mechanisms to provide designated services; amend the meaning of financing of terrorism to reference new offences for financing a state sponsor of terrorism; and make technical amendments..

Chair of the PJCIS, Senator Raff Ciccone, said, “Transnational serious and organised crime networks continue to evolve, finding new ways to exploit communities and economic systems for illegal gain and to conceal the proceeds of crime.

"As governments strengthen protections across parts of the legitimate economy, criminals are increasingly turning to emerging technologies and changes in financial sector infrastructure to bypass safeguards.

"This inquiry seeks to ensure the Bill is well‑suited to today’s rapidly changing financial crime landscape.

"This is an important review given the ongoing risks posed by money laundering and serious crime to both Australia’s financial system and the broader community, and the importance of maintaining an anti‑money laundering and counter‑terrorism financing (AML/CTF) framework that can respond effectively to emerging threats, now and into the future.”

The committee is inviting written submissions to be provided by Friday, May 8, 2026.

Further details on the review are available on the committee’s website: aph.gov.au/pjcis

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