The Minister for Home Affairs Brendan O’Connor has released proposals to stop international funds transfer services being used to fund people smuggling and serious crime.

Under the improved registration scheme, the CEO of AUSTRAC would be given the power to refuse, suspend, cancel or impose conditions on registration of remittance providers.

In particular, if the CEO believed that a significant money laundering, terrorism financing or people smuggling risk existed, the CEO would refuse or cancel a person’s registration.

Under the changes the AUSTRAC CEO would consider criminal history, compliance history and ownership when deciding whether someone should be allowed to be a remitter.