KEY POINTS …
– Austrac estimates in 2020 Chinese interests laundered $1 billion through Australian real estate
.how much through onshore Proxies?
–AFP seized $187M in assets in 2021 Fin. Year; $116M in real estate assets
-AFP supports expanding the AML regime taking in the real estate gatekeepers
–only Australia, Haiti and Madagascar are yet to expand their AML and counter-terrorism laws to include the gatekeepers
-Austrac modelling indicated crims using real estate to launder money could push up house prices
.search for earlier reports of Transparency International
DESPITE the large coffers of the Real Estate sector they are wary of the cost impost of being brought within money-laundering laws … why not employ an Admin officer to carry out these checks?
And despite the engagement of Real Estate Agents with buyers including onshore Proxies, and foreign buyers online Lib Senator Paul Scaar suggested this information could be provided by the conveyancing lawyers …
IT is obvious that prices are pushed up at auctions add to the mix loaded launderers … and with the opaque Private Treaty buyers have no knowledge of what they are up against!