’Australians trying to crack into the property market are facing the extra hurdle of competing against mystery foreign investors, according to corporate transparency experts and the federal opposition.’
There have been calls for a public register of ultimate company owners since 2016 …
BUT is that enough?
The Morrison Government has not committed to such a register!
Labor has not yet committed to implementing such a register if it wins the next election … obviously it is keeping its powder dry following the dirty LNP coalition campaign in 2019 …
The Pandora Papers have revealed how offshore business structures are being used in Australia to conceal corporate ownership.
This is impacting our Families … and YET we need to provide more proof of identity to get a library card than what is needed to register a company in Australia.
IT is not only about multimillion-dollar purchases, but Australians are unaware of who they are competing with when trying to buy a home because real estate agents, accountants and lawyers are not required to report a suspicious transaction like the banks!
This is because the Morrison Government exempted these gatekeepers from the second tranche of the Anti-Money Laundering Laws in October 2018!
And this invasion really distorts the market! Treasurer Josh Frydenberg only indicated that work was underway to establish a register in the future … why be so vague?
AND despite the Pandora Papers now being public there was nothing further to add!
Shadow Treasurer Jim Chalmers said:
“Every time a wealthy, powerful, influential person gets away with these kinds of practices, ordinary working people have to pay more.
“That’s why we need to do what we can to try and stamp it out. That begins with transparency.”
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