Parliamentary Act to combat money laundering and terrorist financing

THE Parliamentary Joint Committee on Intelligence and Security (PJCIS) has today tabled its report on its review of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Bill 2026, calling for urgent action on cryptocurrency ATMs.

The committee found cryptocurrency ATMs (automatic teller machines) are a significant channel for scams and financial crime and has recommended the Minister, on advice from the AUSTRAC CEO, consider restrictions or prohibitions as a priority.

Committee Chair, Senator Raff Ciccone, said the inquiry highlighted the need for Australia's regulatory framework to keep pace with evolving technologies and criminal methodologies.

“Money laundering and terrorism financing continue to cause serious harm to our community, economy and national security,” Senator Ciccone said. “It is important that Australia's laws keep pace with the criminals."

The Bill would strengthen Australia's AML/CTF framework by creating a new mechanism to address emerging financial crime risks, updating terrorism financing provisions and making technical amendments to improve how the framework operates.

The Bill gives AUSTRAC a new power to act on high-risk products, services or channels, like cryptocurrency ATMs, across an entire sector at once. The committee recommended that this power be exercised by the responsible Minister on advice from the AUSTRAC CEO to strengthen accountability and public confidence.

The committee also recommended greater transparency in consultation processes before any ban or restriction is imposed, and endorsed changes to modernise the counter-terrorism financing framework and assess risks associated with legacy payment infrastructure.

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

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