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Virtual assets present unique Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) risks that have been overlooked by global regulation in the past. This article considers virtual assets' potential as a new way to exchange value and the need for effective AML/CTF regulation. It analyses the emerging issues that will elevate the risks and considers the current global regulatory response including the reliance on centralized intermediaries. This article recommends extending the regulatory framework to include regulation that is native to the peer-to-peer nature of virtual assets to address the risks. This article argues this new regulatory model will ultimately be more effective in achieving the goal of AML/CTF regulation than the current regulation has been in the traditional financial system. Despite the inherently global nature of virtual assets, where the domestic perspective is required this will be considered in the context of Australia, drawing upon other jurisdictions where applicable. [ABSTRACT FROM AUTHOR]

The article examines increase in large-scale bank account closures of remittance service providers called de-risking in Australia, as of July 2017. Topics discussed include ways in which money laundering and terrorist financing laws shifted national security-related financial risk control to banks; and importance of recognizing a right to a payment account.

As part of the effort to combat money laundering and the financing of terrorism, Australia's anti-money laundering (AML) and counter terrorism financing (CTF) regime has been the subject of a series of legislative enhancements resulting from recent amendments to the foundational AML legislation, the Financial Transaction Reports Act 1988 (Cth) (FTR Act), and the introduction of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) that presents new compliance challenges for the financial services industry and poses questions about its impact on privacy and other rights of consumers of financial and related services. [ABSTRACT FROM AUTHOR]

The article discusses issues related to taxation in Australia as of December 2014. Topics discussed include a possible increase in the country's budget due to stalled budget savings and increased spending on counterterrorism. Also discussed are the anticipated intergenerational report to be published by the Treasurer and the objectives of the tax white paper that will be released in December.