Opened the debate
Thistlethwaite moved the second reading of the bill, arguing that transnational crime actors were exploiting new mechanisms like crypto ATMs to launder proceeds from drug trafficking, cybercrime, and scams. Thistlethwaite cited AUSTRAC data indicating that a large majority of prolific users of these ATMs were either scam victims or coerced money mules. The member stated that the legislation would allow the AUSTRAC CEO to restrict or prohibit high-risk products to protect the public interest and support a risk-based regulatory approach. Thistlethwaite emphasized that the bill addressed a commitment made in October 2025 to combat serious organised crime, which cost Australia billions annually. Thistlethwaite also noted that the bill included technical updates to terrorism financing definitions to meet Financial Action Task Force obligations.