Question Time AU

Bill Debate · Report from Committee

Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2026; Report from Committee

House of Representatives · Tuesday 11 August 2026

Official Hansard for this day (APH) · Read this debate on OpenAustralia

At a glance

Andrew Wallace presented the advisory report from the Parliamentary Joint Committee on Intelligence and Security regarding the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2026. The committee broadly supported the bill's objectives to strengthen Australia's financial crime framework but recommended specific changes to enhance accountability and transparency. Key recommendations included requiring ministerial oversight for new regulatory powers, prioritising restrictions on cryptocurrency automated teller machines, and delaying the commencement of new obligations until 1 July 2027. The report was commended to the House.

Outcome

The report was made a parliamentary paper and commended to the House.

Summary in reported speech - not a transcript. AI-generated, so check the official record before quoting.

How the debate unfolded

Opened the debate

Andrew Wallace (Fisher) (Liberal National Party) LNP

Wallace presented the committee's advisory report, noting broad support for the bill's aim to address emerging financial crime risks and update terrorism financing definitions. The committee identified a genuine gap in the framework regarding sector-wide risks and supported new powers to restrict harmful products or services. However, Wallace reported that the committee recommended these powers be exercised by the minister based on recommendations from the AUSTRAC chief executive officer to ensure appropriate oversight. The report also called for greater transparency in consultation processes before restrictions are imposed.