CANBERRA, Aug. 17 (Xinhua) -- Australia's Justice Minister Michael Keenan has on Thursday announced a new crackdown on terror financing and money laundering, increasing the powers of Australia's financial intelligence agency.
In a statement released on Thursday, Keenan said the polices would allow the Australian Transactions and Reporting Analysis Centre (AUSTRAC) to strengthen its investigation and enforcement powers, increase the search and seize powers at Australia's borders, and would bring digital currency exchange providers under the watchful eye of AUSTRAC.
He said the reforms were the "first phase" of implementing recommendations made to the government by those in the industry and Australia's national security agencies.
"These reforms appropriately balance the threat of organized crime and terrorism financing to the Australian community with ensuring excessive regulation doesn't hinder our financial sectors," Keenan said.
The minister added that the government was committed to remaining one step ahead of financial criminals, and the measures were a "vital part" of Australia's changing national security landscape.