AUSTRAC WARNS MONEY LAUNDERING RISKS: Superannuation, travel cards, cryptocurrencies … but quiet on REAL ESTATE …

WHEN ABC’s Peter Ryan asked about laundering money in REAL ESTATE Brad Brown’s response did not reveal anything!!

ABOUT 2 Minutes 40 seconds into Audio:

PETER RYAN:  What about even tougher regulation?  At the moment the $10,000 threshhold on cash transactions doesn’t cover real estate agents, lawyers or gem dealers, aren’t they also exposed to money launderers?

BRAD BROWN:  I think more broadly across many different sectors there are certainly risks, and certainly risks that we are continuing to assess and understand in relation to other areas that are not currently regulated.  I mean that is a matter that is undergoing consideration of government.

IT would seem this earlier report from Peter Ryan on AM explains why …

“Real estate a money laundering loophole in Australia”

“ABC’s Peter Ryan says unlike banks, real estate agents are not covered by Australia’s anti-money laundering laws.

A recent report by the financial intelligence agency AUSTRAC says the use of real estate is “an established method of money laundering”.

AUSTRAC chief executive Nicole Rose told AM in April that while extending anti-money laundering laws to cover real estate agents was a consideration, it would be a “big impost” on small business and “something the Government is very mindful of”.

AUDIO:  http://www.abc.net.au/radio/programs/am/real-estate-a-money-laundering-loophole-in-australia/9757818

AND …

The Real Estate Institute of Australia is also concerned about the cost of new legislation.

President Malcolm Gunning said the institute supports changes to AML laws but said real estate agents will need training to bring them up to speed.

“The Real Estate Institutes are not opposed to it, but the concern is the responsibility that goes with it and the education that is required to be able to enact that,” he told the Business in an interview.

“Real estate agents aren’t lawyers, they don’t study the law in depth, so if we are to be gatekeepers as with the conveyancers and say, necessarily the accountants and the advisers, then we need to be better educated.”

It was Mr Gunning who later reached notoriety with his suggestion for Tenants unable to pay the rent should get two jobs!

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BROADCAST:  MONDAY 24 SEPTEMBER 2018

Superannuation, travel cards, cryptocurrencies growing money laundering risks, warns AUSTRAC

By Peter Ryan on AM

Superannuation, stored value cards and cryptocurrencies are increasingly exposed to money laundering by sophisticated criminals, the financial intelligence agency AUSTRAC has warned.

The agency’s deputy chief executive Brad Brown told ABC’s Peter Ryan that money launderers are increasing exploiting new technology to move illicit money around the world.

AUSTRAC is hosting a summit of The Egmont Group in Sydney, which comprises 350 financial intelligence experts from 150 agencies around the world.

Duration: 3min 40sec

AUDIO:

http://www.abc.net.au/radio/programs/am/superannuation,-cryptocurrencies-money-laundering-risks:-austrac/10297492

Featured:

Brad Brown, deputy chief executive, Australian Transaction Reports and Analysis Centre

 

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