Australia’s new money laundering bill is aimed at encrypted currency


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nnIn 2016, the Australian government began to take some measures on the encryption currency and block chain technology, while the exchange to explore the possibility of using the technology and advantages, while the legislators trying to be included in the scope of domestic anti-money laundering laws Inside. However, the current initiative was opposed by some domestic legislators, after the Australian special currency transactions “double tax” because of the domestic encrypted currency community opposition, so it is not clear whether the legislative initiatives to be implemented.n
nnTranslation: Annie_Xun
nAustralia will introduce a new bill to expand domestic anti-money laundering regulations, covering the domestic encrypted currency exchange.n
nThe Ministry of Justice announced that it would place the exchange within the jurisdiction of the AUSTRAC, Transaction Reports and Analysis Center, the main financial intelligence office in the country.n
nThe project began in mid-2016, when the government issued a broad statement on financial technology.n
nThe government issued a statement saying:n
nn”The bill will fill regulatory gaps and place digital money trading service providers under the jurisdiction of AUSTRAC to strengthen AUSTRAC’s investigation and enforcement powers, increase law enforcement and customs authorities’ search and seizure of borders, control”.n
nnLast year, Australian lawmakers confirmed the intention of enacting such laws. At that time, the Attorney-General’s Department expressed support for such initiatives and called on the existing regulations to accept legislative adjustments.n
nIt is unclear whether the move will encounter an opposition once the legislator begins to argue. At least a few legislators want Bitcoin as the official currency, indicating that at least some people will oppose the advance of the anti-money laundering bill.n
nA few months before the move, under the long-term efforts of the domestic encrypted monetary community, Australia has endorsed the much-criticized bid to buy “double taxation”.n

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