SMH Report on Criminals laundering Billions through Australian Housing Market: 10 November 2021


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!