Proposed new powers to combat money laundering and terrorist financing to be reviewed
Parliament of Australia
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 12 March 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 invites written submissions to be provided by Friday, 8 May 2026.
Further details on the review are available on the Committee’s website: aph.gov.au/pjcis
Media enquiries
Office of Senator Raff Ciccone, Chair of the PJCIS
Contact: Giulio Di Giorgio, 0422 622 760
[email protected]
Background information
Committee Secretariat, Parliamentary Joint Committee on Intelligence and Security
02 6277 2360
[email protected]
For more information about this Committee, you can visit its website. On the site, you can make a submission to an inquiry, read other submissions, and get details for upcoming public hearings. You can also track the Committee and receive email updates by clicking on the blue ‘Track Committee’ button in the bottom right hand corner of the page.
