Counter-terror financing laws pass Senate

Legislation cracking down on counter-terrorism financing and money laundering has cleared the federal parliament.

Attorney-General George Brandis told parliament the measures will strengthen protections against Australian businesses being misused for money laundering or the financing of terrorism.

The bill had bipartisan support, but Labor senator Deb O'Neill said the changes didn't go far enough.

Senator Brandis said any suggestion the legislation was piecemeal was ill-conceived.

"Counter-terrorism financing is a complex area. This bill deals with certain particular aspects of the problem," he said on Thursday.

"The government has introduced other legislation earlier in the year to deal with other aspects."

The new regime will strengthen AUSTRAC' s intelligence sharing and enforcement powers.

The changes also clamp down on the use of digital currencies such as Bitcoin for money laundering and terrorism financing.