Jonathon Duniam (Tasmania, Liberal Party, Assistant Minister for Forestry and Fisheries) Share this | Hansard source

The government is committed to continually improving Australia's anti-money-laundering and counterterrorism-financing laws without placing an undue burden on industry. Last year the government introduced the Anti-Money Laundering and Counter-Terrorism Financing and Other Legislation Amendment Bill 2019, which will strengthen the regime by improving requirements around customer identification, correspondent banking and the sharing of financial intelligence. The government is also strongly committed to improving the transparency of information around beneficial ownership and control of companies available to relevant authorities. It is considering how best to give effect to this commitment without imposing unnecessary regulation. The government continues to carefully consider a range of options for future regulatory reform. Senate grandstanding is in no way going to make economic and national security policy.