About Money Laundering … DownUnder in 2020 … 2021

Crimes Legislation Amendment (Economic Disruption) Bill 2020

Second Reading

2020: Key Points from Senator Kitching:

Labor supports the reforms; has consistently argued that Australia’s AML and counterterrorism financing framework must evolve; money laundering and terrorism financing remain significant global problems

-threaten to undermine Australia’s national security and destroy the integrity of our financial system if left unchecked

-however Australia lags behind our international counterparts; our laws have lagged behind; a target for nefarious actors

-the Report on the Statutory Review of the Anti-Money Laundering and Counter-terrorism Financing Act 2006 called for these changes in March 2016; this legislation fails to implement many of the 2016 recommendations

-unlike other countries the Morrison Government has left the door open for illicit capital to flood into Australia

FATF has expressed concerns about the Morrison Government failure to implement reforms; its report found that Australia is ‘an attractive destination for foreign proceeds of crime, particularly corruption related proceeds flowing into real estate’ *

-with growing risks to Australia from the failure of this government to fully implement either the FATF or statutory review recommendations

DESPITE THIS …

IN MAY 2021 a report in the Daily Telegraph, and others since including from Georg Chmiel from Juwai it looks like hot money continues to be awash in our real estate with the gatekeepers exempt from the second tranche of the AML Laws (October 2018)!!

Offshore Chinese swarm Aussie real estate as prices boom’

28 May 2021 — Cashed-up Chinese homebuyers and investors have been swarming back into Australia’s booming real estate market with this year’s inquiries …

Suburbs China property buyers are targeting

Our booming real estate market has fallen back into the crosshairs of cashed-up property buyers in China, especially in some key suburbs not traditionally on their radar.

Paywall:

https://www.dailytelegraph.com.au/subscribe/news/1/?sourceCode=DTWEB_WRE170_a_GGL&dest=https%3A%2F%2Fwww.dailytelegraph.com.au%2Fnews%2Fproperty%2Foffshore-chinese-swarm-aussie-real-estate-as-prices-boom%2Fnews-story%2F99e1fd225c1b7f0378fdeb685fedc10f&memtype=anonymous&mode=premium

RELATED ARTICLES:

‘The Morrison government quietly began prioritising visas for ultra-wealthy foreign investors late last year’

https://www.businessinsider.com.au/australia-signficant-investor-visas-wealthy-property-market-2021-3

‘India-Australia Free Trade talks set to reopen following Tony Abbott’s visit to New Delhi’

https://www.abc.net.au/news/2021-08-12/india-australia-free-trade-talks-to-resume-abbott-tehan/100373390

With more questions from CAAN:  https://bit.ly/3yvjmRT