Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2026
Ms ROBERTS (Pearce) (10:51): The incorporated speech read as follows— I would like to speak on the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2026. I do so because this bill speaks to something very basic that Australians expect from their government: that we will keep our communities safe, protect the integrity of our financial system and make sure the law keeps up with the way criminals operate in a modern world.
This is not a dry technical issue, and it is certainly not a matter for bankers and lawyers alone. Money laundering and terrorism financing are serious crimes that allow people with bad intentions to hide dirty money, fund further offending and undermine trust in the institutions that honest Australians rely on every day. When criminal money is allowed to move freely through the system, the harms spread well beyond the original offence.
They reach into our businesses, our charities, our property markets, our community organisations and our neighbourhoods. That is why I support this bill. In Pearce, I know that people want clear rules and a fair system.
They want to know that, when they work hard, pay their taxes and run their businesses honestly, they are not being undercut by criminals who can use illicit funds to distort competition or hide behind legitimate activity. I hear that from small business owners, from community leaders, from professional service providers and from volunteers who simply want to do the right thing.
A local business owner may notice transactions that do not quite fit the normal pattern of trade. A professional office may be asked to deal with payments that raise questions. A community group may receive a donation or transfer that seems unusual or out of step with its usual supporters.
These are not theoretical concerns. They are the kinds of situations that decent people face, and they need a legal framework that helps them identify risk and act with confidence. That is one of the strengths of this bill.
It is not just about enforcement after the fact. It is about prevention, early detection and giving regulators the ability to respond when criminal methods change. The Department of Home Affairs has made clear that these reforms are part of a broader effort to address threats to national security, including the laundering of illicit funds and the financing of terrorism.
The reforms were announced in October 2025 and introduced into parliament in March 2026 after consultation with industry and other stakeholders. That consultation is important. Good law should be built with a clear understanding of how it will work in the real world.
One of the most important elements of the bill is the power it gives to AUSTRAC's Chief Executive Officer to restrict or prohibit high-risk products, services or delivery channels. That is a sensible and modern response to a changing threat environment. Criminals do not sit still, and neither can our laws.
When a product or delivery channel becomes a vehicle for abuse, the regulator needs the ability to act quickly and proportionately. That matters because some channels are more vulnerable than others. Cash-heavy transactions, fast-moving digital transfers, emerging payment technologies and other high-risk mechanisms can be exploited in different ways depending on the circumstances.
A strong legal framework must be flexible enough to identify those risks and precise enough to avoid unnecessary burden on legitimate activity. The bill also amends the definition of financing of terrorism. That may sound like a technical drafting change, but it is actually a very important reform.
Terrorism financing is often difficult to detect because it can involve small amounts, fragmented transfers or disguised activity that is only obvious when patterns are reviewed together. Clarifying the law helps ensure that law enforcement, intelligence agencies and prosecutors have the strongest possible basis to detect, investigate and disrupt those flows.
This is especially important in an age where funds can move quickly and where legitimate channels can be misused. We must be able to distinguish between genuine charitable, humanitarian or community activity and conduct that is designed to mask the support of violent extremist causes. The law needs to be clear enough to support legitimate activity and firm enough to stop abuse.
I also want to acknowledge the transitional rules, because they are a critical part of making these reforms workable. The AML/CTF Transitional Rules 2026 are designed to give reporting entities time to adjust their systems and processes while still managing money laundering and terrorism financing risk. That is a pragmatic and responsible approach.
Compliance changes on this scale require training, systems updates, legal review and operational planning. Transitional arrangements do not weaken the reform; they help it succeed. That matters in Pearce.
A small accounting practice does not have the same compliance capacity as a major institution. A local business does not have the same legal resources as a bank. A community organisation does not have a dedicated regulatory team.
They need guidance that is clear, practical and proportionate. They need support that helps them understand what suspicious activity looks like and how to respond appropriately. That is why the reform package, including AUSTRAC's guidance and the transitional rules, is so important.
It helps businesses and organisations know what is expected of them. It gives them time to adjust. And it helps ensure that ordinary people who are trying to do the right thing are not overwhelmed by complexity or left guessing about their obligations.
I also think it is important to say that this bill is about protecting honest enterprise. When dirty money flows through the economy, it distorts competition. It can allow criminal operators to undercut legitimate businesses, inflate prices in certain sectors and erode trust in the fairness of the market.
That hurts families, workers and small operators across Pearce and across Australia. For that reason, this bill is not just about law enforcement; it is also about economic integrity. It is about making sure that good businesses are not forced to compete with criminal proceeds.
It is about preserving a level playing field so that success comes from hard work, not from concealment and corruption. There is also a wider public safety issue here. Money laundering is the financial engine room of organised crime.
It helps criminal groups turn illegal gains into usable wealth. It supports the networks behind drug trafficking, fraud, exploitation and corruption. If we are serious about disrupting serious crime, we have to be serious about following the money.
The same applies to terrorism financing. The sums involved can be small, but the consequences can be catastrophic. That is why the law must give investigators the clarity they need to identify suspicious patterns and the confidence they need to act quickly.
I know that some people worry about privacy, proportionality and the possibility of regulatory overreach. Those are legitimate issues, and they should never be dismissed. But the answer to those concerns is not to leave the system exposed.
The answer is to make the law clear, impose proper safeguards and maintain strong parliamentary scrutiny. This bill takes a measured approach, and it is one I can support. The consultation process also deserves recognition.
Stakeholders from the profession and industry provided feedback on how the reforms would work in practice. That input helps make sure that the final legislation is not only strong in principle but practical in operation. It is exactly the kind of policy development Australians should expect—firm on principle, careful in execution and informed by the people who have to make it work.
For people in Pearce, the principle is simple. They want a government that stops criminals from exploiting the financial system, protects legitimate businesses and keeps the rules fair and understandable. They want laws that support the honest majority and make it harder for bad actors to hide.
That is what this bill does. I want to finish by acknowledging the people who will make these reforms real in practice—the compliance teams, the small business owners, the not-for-profit leaders, the professional advisers and the staff at AUSTRAC and Home Affairs who will support implementation. Their work is often unseen, but it is vital.
They are the people who help turn legislation into protection. This bill is sensible, necessary and responsible. It strengthens our defences against criminal abuse of the financial system, modernises our framework for the risks of today and gives honest Australians and the businesses they run the clarity they need to comply with confidence.
For those reasons, I commend the bill to the House.