The Financial Transaction Reports Amendment Bill 2018 will give police greater powers to detect organised crime, money laundering and other criminal activities.
The changes bring WA in line with other Australian States, which gave their State police forces these powers some years ago.
Under current Federal legislation, all Australian banks are already required to report cash transactions of $10,000 or more, and other suspect transactions, to the Commonwealth regulator, the Australian Transaction Reports and Analysis Centre.
These new amendments give the WA Police Force greater powers to compel Australian banks to provide police with additional information relating to those transactions.
This will better equip police to conduct financial-based investigations in an effort to detect organised crime, money laundering and other criminal activities.