Minister for Home Affairs Tony Burke at a press conference at Parliament House in Canberra, Monday, August 4, 2025. (AAP Image/Mick Tsikas) NO ARCHIVING
Australia is taking significant steps to combat money laundering and scams involving cryptocurrency. The Australian Transaction Reports and Analysis Centre (AUSTRAC) will receive expanded powers aimed at addressing emerging financial threats, particularly those posed by cryptocurrency ATMs and mule accounts.
During a press conference at the National Press Club in Canberra, Home Affairs Minister Tony Burke announced new legislation designed to empower AUSTRAC in its fight against financial crime. “I want AUSTRAC to have the power to restrict, or if it decides to prohibit, high-risk products, and be in no doubt crypto ATMs are a high-risk product,” Burke stated. This move reflects a growing concern about the use of these machines for illicit financial activities.
AUSTRAC will be able to act swiftly against technologies that criminals exploit to transfer money anonymously. Cryptocurrency ATMs, which enable users to buy or sell digital currency with cash, have come under scrutiny as they allow substantial sums to be converted into digital assets outside the banking system’s oversight.
The new legislation aims to foster a safer financial environment by closing loopholes that criminals have leveraged. The Australian government recognizes that as technology evolves, so too do the methods employed by those engaged in illegal activities. By enhancing AUSTRAC’s regulatory capabilities, authorities hope to deter the growing trend of money laundering associated with cryptocurrencies.
The reform comes as part of a broader strategy to tackle financial crime in Australia. The government is aware that the increasing popularity of cryptocurrency presents both opportunities and threats. With more Australians engaging in digital currency transactions, the potential for misuse has escalated.
This decisive action is expected to significantly alter the landscape of financial regulation in Australia. The government aims to ensure that legitimate users can engage with cryptocurrencies without inadvertently facilitating criminal activities. The initiative underscores a commitment to maintaining the integrity of the financial system while allowing for innovation in financial technology.
As these new powers come into effect, AUSTRAC will be tasked with monitoring and regulating the use of high-risk products, including cryptocurrency ATMs, more effectively. This development could lead to stricter compliance requirements for operators of such machines, ensuring they adhere to the nation’s financial laws.
In conclusion, the Australian government’s initiative to tighten money-laundering laws reflects a proactive approach to addressing the changing dynamics of financial crime. By granting AUSTRAC the necessary authority, authorities aim to safeguard the financial system against exploitation while promoting responsible use of cryptocurrencies. This legislation marks a pivotal moment in Australia’s ongoing battle against financial crime, setting a precedent for future regulatory measures as the digital economy continues to grow.
