Story highlights Police announce the arrest of a 16-year-old on terror charges ahead of annual Anzac celebrations

Anzac day honors Australian and New Zealand troops who served or died in armed conflict

Police urge Australians to enjoy 'special day'

(CNN) New South Wales police have arrested a 16-year-old on suspicion of plotting a terror attack, Police Commissioner Andrew Scipione said in an early-morning press conference.

Police believe the teen was planning on disrupting Anzac commemorations in Sydney. The occasion, which is observed annually, honors Australian and New Zealand troops who served or were killed in armed conflict, and falls on the anniversary of the Australia and New Zealand Army Corps ' landing at Gallipoli, Turkey in 1915.

The teen, who cannot be named because of his age, is charged with "preparation for, or planning, a terrorist act," an offense that carries a maximum penalty of life imprisonment. He appeared in children's court Monday.

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The teen was reportedly arrested after attempting to obtain a firearm in the Sydney suburb of Auburn.

"The risk from this particular threat has been thwarted," Scipione told journalists just after Sydney's main dawn service at the Cenotaph in the city's Martin Place. He urged Australians to "go out and enjoy this special day."

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