SYDNEY: Australia said on Thursday it would strengthen its money laundering laws, including bringing bitcoin providers under the government’s financial intelligence unit, days after a fresh scandal at one of the country’s biggest banks.
The government said a coming bill would be the first stage of reforms to strengthen the country’s Anti-Money Laundering And Counter Terrorism Financing Act.
“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,” Minister of Justice Michael Keenan said, without specifying when the legislation would be introduced.
The bill will also aim to bolster the investigative and enforcement powers of the financial intelligence agency Australian Transaction Reports and Analysis Center (AUSTRAC).
The announcement comes just days after the agency accused the Commonwealth Bank of Australia of “serious and systemic” breaches of money laundering laws.
But the move is more than two years after global watchdog Financial Action Task Force (FATF) found significant deficiencies in Australia’s anti-money laundering framework.
The next and more challenging phase of legislative reforms in Australia will be to extend the rules to lawyers, accountants, real estate agents and dealers in high-value goods.
Under Australian regulations, one can pay millions in cash for precious stones or a prime property without having to identify themselves or the source of their funds.
Australia had agreed in 2003 to extend strict controls to these sectors, but has yet to act on those promises.
“Stopping the movement of money to criminals and terrorists is a vital part of our national security defenses and we expect regulated businesses in Australia to comply with our comprehensive regime,” Keenan said.
The digital currency exchange sector, which includes bitcoin, will be regulated for the first time, Keenan added.
The Australian Digital Currency & Commerce Association welcomed the reform, saying it will increase safeguards and provide regulatory certainty to digital currency businesses.
Earlier this year, Australia launched a world-first private-public partnership called ‘Fintel Alliance’ to encourage banks and other financial institutions to provide intelligence to regulators.
However, allegations against CBA that it failed to provide more than 53,000 transaction alerts to AUSTRAC on time has put a question mark over those efforts.
On Thursday, Keenan said that the private sector was an essential partner in ensuring Australian businesses are not exploited by criminals. He did not say whether the bill was in response to the CBA case.
“Australia was seen as a place where there was a real cooperation between regulatory authorities, law enforcement and financial institutions,” said Kieran Beer, New York-based chief analyst at the Association of Certified Anti-Money Laundering Specialists.
“This kind of cooperation is getting institutionalized and gathering momentum in the UK But there will be a backlash against the perceived failures, if proven, in the CBA case and some will argue that Fintel-like alliances may be an illusion.”
— Reuters
Australia proposes stronger money laundering rules, includes bitcoin
Australia proposes stronger money laundering rules, includes bitcoin
Saudi POS transactions see 20% surge to hit $4bn: SAMA
RIYADH: Saudi Arabia’s total point-of-sale transactions surged by 20.4 percent in the week ending Nov. 29, to reach SR15.1 billion ($4 billion).
According to the latest data from the Saudi Central Bank, the number of POS transactions represented a 9.1 percent week-on-week increase to 240.25 million compared to 220.15 million the week before.
Most categories saw positive change across the period, with spending on laundry services registering the biggest uptick at 36 percent to SR65.1 million. Recreation followed, with a 35.3 percent increase to SR255.99 million.
Expenditure on apparel and clothing saw an increase of 34.6 percent, followed by a 27.8 percent increase in spending on telecommunication. Jewelry outlays rose 5.6 percent to SR354.45 million.
Data revealed decreases across only three sectors, led by education, which saw the largest dip at 40.4 percent to reach SR62.26 million.
Spending on airlines in Saudi Arabia fell by 25.2 percent, coinciding with major global flight disruptions. This followed an urgent Airbus recall of 6,000 A320-family aircraft after solar radiation was linked to potential flight-control data corruption. Saudi carriers moved swiftly to implement the mandatory fixes.
Flyadeal completed all updates and rebooked affected passengers, while flynas updated 20 aircraft with no schedule impact. Their rapid response contained the disruption, allowing operations to return to normal quickly.
Expenditure on food and beverages saw a 28.4 percent increase to SR2.31 billion, claiming the largest share of the POS. Spending on restaurants and cafes followed with an uptick of 22.3 percent to SR1.90 billion.
The Kingdom’s key urban centers mirrored the national decline. Riyadh, which accounted for the largest share of total POS spending, saw a 14.1 percent surge to SR5.08 billion, up from SR4.46 billion the previous week. The number of transactions in the capital reached 75.2 million, up 4.4 percent week-on-week.
In Jeddah, transaction values increased by 18.1 percent to SR2.03 billion, while Dammam reported a 14 percent surge to SR708.08 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with the Kingdom’s Vision 2030 objectives, promoting electronic transactions and contributing to the nation’s broader digital economy.
