Australia Targets Cryptocurrency in Major Anti-Money Laundering Reform

According to PANews, Australia's financial intelligence agency, the Australian Transaction Reports and Analysis Centre (AUSTRAC), announced on Wednesday that cryptocurrency has been identified as a primary threat in its efforts to combat financial crime. This announcement marks the country's most significant anti-money laundering legal reform in a generation. AUSTRAC's CEO, Brendan Thomas, stated that enforcement will prioritize areas with the highest risk, particularly focusing on digital currency exchanges and virtual asset service providers due to their capability for instant global transfers. The expanded regulatory scope will bring approximately 80,000 new businesses under what is termed the 'second phase' of industry regulation. This includes real estate agents, lawyers, conveyancers, accountants, trust and company service providers, as well as precious metals and gemstone dealers. Businesses currently subject to reporting obligations will face new regulatory requirements starting March 31, 2026, while those in the second phase must comply by July 1, 2026.