Australia is working behind the scenes to reform governance of the Beijing-led Asian Infrastructure Investment Bank (AIIB) after Canada suspended its membership over claims the bank is dedicated to furthering the Chinese Communist Party’s geopolitical ambitions.

The Australian Financial Review has learnt Treasurer Jim Chalmers has spoken multiple times with his Canadian counterpart, Finance Minister Chrystia Freeland, over the future of the contentious bank. The Trudeau government last month widened its review into the bank’s operations.