Australian Senate passes Counter-terror financing laws

BYYasir Rehman


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Federal parliament has approved the legislation cracking down on counter-terrorism financing and money laundering.

Attorney-General George Brandis told parliament the measures will strengthen protections against Australian businesses being misused for money laundering or the financing of terrorism.

“Counter-terrorism financing is a complex area. This bill deals with certain particular aspects of the problem”, SBS quoted him as saying. The new regime will strengthen AUSTRAC’ s intelligence sharing and enforcement powers.

The changes also clamp down on the use of digital currencies such as Bitcoin for money laundering and terrorism financing.