Australia proposes stronger money laundering rules, includes bitcoin

Australia announced a bill on Thursday to strengthen its money laundering laws, including bringing bitcoin providers under the

remit of AUSTRAC, the government's financial intelligence unit.

This would be the first stage of reforms to strengthen the country's Anti-Money Laundering And Counter Terrorism Financing

Act, Minister of Justice Michael Keenan said in a press release.

The bill also aims at bolstering AUSTRAC's investigation and enforcement powers, just days after the agency accused the

Commonwealth Bank of Australia of "serious and systemic" breaches of money laundering laws.