Australia proposes stronger money laundering rules, includes bitcoin - RTRS

The Australian Minister of Justice Michael Keenan said in a press release on Thursday, Australia announced a bill today to strengthen its money laundering laws, Reuters reports.

The bill also brings the bitcoin providers under the remit of AUSTRAC, the government's financial intelligence unit.

Key Quotes:

"The threat of serious financial crime is constantly evolving, as new technologies emerge and criminals seek to nefariously exploit them. These measures ensure there is nowhere for criminals to hide."

"Stopping the movement of money to criminals and terrorists is a vital part of our national security defences and we expect regulated businesses in Australia to comply with our comprehensive regime."