The Senate has passed a resolution to amend regulations governing the Proceeds of Crime Act, POCA.
This is expected to help financial institutions be more vigilant against money laundering.
Foreign Affairs Minister and Government Senate Leader, Kamina Johnson Smith piloted the amendments.
Minister Johnson Smith says the changes will also improve the ease of doing business.
The resolution, entitled the Proceeds of Crime (Money Laundering Prevention) (Amendment) Regulations, Resolution, 2019, will be debated.