Australia wants a stricter Bitcoin regulation

According to Australia’s Financial Intelligence Agency, digital currencies such as Bitcoin are attractive for terrorism financing.

Australia.- Australia’s Financial Intelligence Agency (AUSTRAC) is calling to regulate Bitcoin under its anti-money laundering and counter-terrorism financing laws. A report published by AUSTRAC stated that terrorism financing was turning its attention to electronic and online payment methods, which is likely to rise over time.

AUSTRAC stated that terrorist groups engaged in radicalisation, recruitment and communication online, such as through social media, are a particularly high risk of using online payments systems and digital currencies.

This week AUSTRAC is co-hosting a counter-terrorism financing summit with Indonesia in Bali. Justice Minister Michael Keenan is planning on informing those in attendance of the work Australia is committed to doing when it comes to improving its anti-money laundering and counter-terrorism financing laws as it works toward regulating digital currencies.

The Anti-Money Laundering and Counter Terrorism Financing Act has recommended that the inclusion of digital currency should be regulated. The organisation said that while digital currencies have undoubted legitimate uses, the transfer of convertible digital currencies can occur without passing through the formal financial sector. “This provides another tool for criminals and terrorist financiers to move and store illicit funds beyond the reach of law enforcement and other authorities and purchase illicit goods and services,” they stated.