Stockbrokers the new Money Laundering Front Line as Illicit Funds target the ASX

Stockbrokers the new money laundering front line as illicit funds target the ASX

Key points:

  • A proposed law change means stockbrokers would not need to identify their clients for up to five days after making a trade
  • Experts say that could open up a new loophole for proceeds of crime to be laundered through the ASX
  • Stockbrokers say they did not ask for the change and most brokers would not take the risk of trading on behalf of an unidentified client

https://www.abc.net.au/news/2020-09-21/stockbrokers-money-laundering-asx-share-market/12678720

And Related Articles:

How banks help criminals get rich

https://www.abc.net.au/radionational/programs/backgroundbriefing/fincen-files-banks-help-criminals/12678812

Fraud, money laundering and insider trading the biggest risks to ASX: AUSTRAC

https://www.abc.net.au/news/2017-07-12/fraud-and-insider-trading-biggest-risks-to-asx/8700432

Australia a ‘place of choice’ for money laundering due to lack of regulation: ANZ

https://www.abc.net.au/news/2017-07-13/should-australias-anti-money-laundering-laws-be-extended/8703354

AND …

One Gold Coast man is linked to thousands of companies. He’s been named in a huge US leak

State Street hit with million-dollar money laundering fine

Links for the FinCEN Files

These reports reveal why we should care about money laundering apart from the fact that our real estate market has been awash with ‘Black Money’ from money launderers lured by the reward of Permanent Residency … and the consequences of a whole Cohort of Australians locked out of home ownership in Australia!

FinCEN files reveal suspicious transactions were waved through despite red flags

By the International Consortium of Investigative Journalists

Posted and updated 21 September 2020

Key points:

  • Banks moved more than $2.7 trillion in payments they believed were suspicious over 18 years
  • Some of the biggest banks in the leaked files continued to wave through suspect payments despite promises to government authorities to improve money laundering controls
  • Donald Trump’s former campaign manager Paul Manafort features in the documents

READ MORE!  https://www.abc.net.au/news/2020-09-21/fincen-files-reveal-suspicious-transactions-approved-red-flags/12685678

FinCEN Files: All you need to know about the documents leak

Posted 22 September 2020

Documents have been leaked that divulge some $2 Trillion of transactions through the biggest banks have enabled criminals to move ‘black money’ around the Globe!

The FinCEN files are:

-more than 2500 documents sent to US authorities between 2000 and 2017

-among the International banking system’s most closely guarded secrets

-hundreds of investigative journalists have been examining these documents to find what the banks would prefer we did not know about!

READ MORE!

https://www.bbc.com/news/uk-54226107

FinCEN Files: The accidental money launderer

Background Briefing

 By Mario Christodoulou and Geoff Thompson

Posted and updated 22 September 2020

AUSTRALIA’S Real Estate has been awash with Black Money with the Real Estate Gatekeepers exempt from AML Laws!  …

And this has only been slowing down due to the Pandemic …

But there has been another avenue apart from casinos … through money remitters!

SUPERFOREX is one with offices across Sydney it enables immigrants to send money back home …

In October 2015, an analyst from The Bank Of New York Mellon observed more than $20 M was heading for SuperForex’s account in CHINA.

Suspicion was aroused because this money was moving between shell companies hiding the identity of the recipients!

READ MORE!

https://www.abc.net.au/news/2020-09-22/money-remitter-superforex-named-in-fincen-files-leak/12686168

Related Stories

One Gold Coast man is linked to thousands of companies. He’s been named in a huge US leak

America’s biggest bank flagged Manafort’s $50m of transfers as suspicious

Stockbrokers the new money laundering frontline as illicit funds target the ASX

Chinese Buying Spree in Australia falls to $2.5 Billion …

Chinese Buying Spree in Australia falls to $2.5 Billion …

Plummeting 47% between 2018 and 2019

In 2016 Chinese spent $15.8Bn in Australia

Prof. Peter Drysdale who heads up a Chinese investment database at the ANU has found that the Chinese have spent 47% less in Australia; the bulk of their $50 Bn investment was before 2017

Read more!

https://www.theguardian.com/australia-news/2020/sep/14/chinese-investment-in-australia-plummets-47-in-a-year-as-diplomatic-tensions-rise

2013 …

From 2012 to 2013 inclusive the Chinese buying spree grew by almost 60% targeting Sydney and inner-city Melbourne

Chinese buyers and Chinese-backed developers focused on Sydney with more than $600M development sites for 5000 apartments to be marketed in China

With 10 Million Millionaires in China … was this why we have a social and economic imbalance in Australia … prior to the Pandemic?

With precincts 100% owned by Chinese and/or rented by Chinese, built by Chinese developers thus not available to the Australian market …

IT is alleged that Australia needs ‘foreign investment’ despite our Title Deeds becoming perhaps our biggest export!   When foreigners buy our property it means less for the Australian HNW and UHNW to invest … less opportunities for our Super Funds … it would seem we have many home grown investors to ensure the Title Deeds remain onshore!

Begs the question how much of Australia does the CCP own?

Read more!

https://realestateinaustralia.wordpress.com/2013/10/26/chinese-new-wave-rocks-property-market/

2020 Rhodes …

THE PLAN for Rhodes was set back in December 2018

THEN Rhodes East had 274 homes … Rhodes West 5,000

50,000 People will be living within 1 Km radius in Rhodes East, Rhodes West and Wentworth Point with the development of Rhodes East to match that of Rhodes West

Towers were raised from 40 storeys to 46

AND only three bedroom apartments to have a guaranteed parking space

Read more:

https://www.dailytelegraph.com.au/news/nsw/highrise-school-scrapped-in-exchange-for-even-more-units/news-story/40d8e36acb88ae274cfac17b8bb6b4dc

2020 … The NSW government has more plans for Rhodes to become a high-rise region! 

It’s now an Inner West suburb … across the river from Ryde …

With tower heights of 25 to 45 storeys

Including Billbergia’s Rhodes Central Towers

The revised plan of 2020 could allow for a renaissance on both the west and east of the station towers of 25 – 37 storeys said to taper down towards the river and the existing suburban area …

With its population of 50,000 the Department has identified the potential for a new primary school, and 200 ‘affordable’ homes …

The draft plan is on display until 9 October  

WITH China’s Country Garden and Greenland Precincts on the east side at North Ryde and now Rhodes mushrooming … it is somewhat confronting driving down Ryde Road …

READ MORE!

https://theurbandeveloper.com/articles/plans-to-build-up-rhodes-revealed

LIKE CAAN ON FACEBOOK!

https://www.facebook.com/Community-Action-Alliance-for-NSW-744190798994541/?ref=aymt_homepage_panel

CAAN WEBSITE:

https://caanhousinginequalitywithaussieslockedout.wordpress.com/

TIM LAWLESS asks the question: ‘Will Stalled Migration Stem Housing Demand?’

And then it seems from this article that all is not revealed about what went on pre Covid-19!

Through visa manipulation a vast range of temporary visas allowed the holder to buy Australian Real Estate to gain a Permanent Resident Visa!

And with a mere 160,000 permanent migrants outnumbered by Temporary Visa holders, for example, in May 2019 their numbers surged past 2.3 Million

And many were lured here esp. those from our Big Neighbour to the North when they bought our real estate to gain a PR Visa and Medicare benefits!

Further, the property sector esp. over the past decade were unable to build the supply to keep up with the ‘foreign demand’ for our housing which may also explain why much of our housing was poorly constructed …

AGAIN it would seem the property media is spinning … somewhat … in saying that ‘the large majority of temporary migrants will not be purchasing a home in Australia; they rent’

BECAUSE those seeking to buy a ‘new home’ can do so on line through e.g. Juwai and gain a ‘PR Visa’ … they are no longer on a Temp. Visa …

This PR Visa has long been the lure.

They can also purchase through a Proxy Buyer, they can buy several homes, and they can launder ‘black money’ in our real estate because the Real Estate Gatekeepers are exempt from the second tranche of the AML legislation!

Martin North has said there will be a 30 to 40% fall in apartment prices due to the collapse of this Ponzi …

Who were all these high-rise apartment precincts scattered all over Sydney built for? … cough … cough … this high-rise demand was not there prior to the Visa manipulation that has taken place …

WILL there be an opening for a return to building homes for aspiring Australian First Home Buyers? That would boost our economy …

Read more from the Property Spin then search CAAN WEBSITE to learn more!

https://bit.ly/3i4vwK5

CAAN WEBSITE:

https://caanhousinginequalitywithaussieslockedout.wordpress.com/

St Hilliers Towers for Central Coast Quarter

THIS explains why the Gosford Public School was sold off in 2014  … located slightly to the south of the centre of Gosford.

DESPITE the alert from Martin North and others …

THAT as a consequence of the Pandemic … particularly with the masses of poorly constructed high-rise on the urban fringes, and further in as well with prices falling up to 30 to 40%, and with too much stock all looking the same, and on the market at the same time.

WHY is this happening now in Gosford despite a lot of concern that the development is too large for the area … but they obviously know more about the future than we do …

IT all points to big plans from those with power and influence for Gosford.  They will ensure they prevail, this sort of money won’t be deterred.

ALSO the site at the corner of Mann Street and Donnison Street … though  a smaller development, again it is mixed use – they all are these days

WHEN the demolition was taking place we spoke to a chap who suggested, like recent developments in Parramatta, it was ‘ME’ money and more than likely marketed to Chinese buyers

NO DOUBT its appeal is because it is …

.urban
.high rise that can be populated by cohort
.close to public and private schools
.close to selective school
.close to shops; a must
.close to train
.close to hospitals
.close to club

READ MORE!

In the leadup …

2020 VISION FOR TWIN TOWERS’ about a development in GOSFORD CBD said to be ‘State Significant’ builds …

$400M Archibald development of 2 towers including 300 apartments, hotel of 167 suites, 25 floors plus retail, bars and restaurants.

It was originally in 2015 the work of Peter Zhu but new owners of the Archibald are keeping their identities secret, why?

The Central Coast Quarter development application has been lodged for a hotel/entertainment destination at the southern end of Mann St … was this what the sell-off of the Gosford Public School was all about?

Plus another developer down the road is proposing 3 buildings between 8 and 24 floors to include much the same …

AND the Lederer Group is planning a development near Kibble Park, Gosford of 5 buildings 20 to 30 storeys … OMG!

The beautiful harbourside setting of Gosford to disappear for ‘Vibrancy and the emerging population’ … from??

SOURCE:

https://www.dailytelegraph.com.au/newslocal/central-coast/gosford-cbd-developments-gosford-alive-and-central-coast-quarter-das-lodged/news-story/00f2f45b263cb65ba2e0d796b9e4dc92?fbclid=IwAR30sKgTUXcjlzvWnEq3lCgPt4tBtAo4Byc_Ff1f4G455vWMgdAy8BpCpAA

How was all this development fast-tracked?

The NSW Planning Minister .. back then … appointed a new Co-Ordinator General to enforce development of the Gosford CBD …

Note … contrary to the ‘Central Coast Enforce’ the Gosford Waterfront was included in the draft CBD DCP!

NSW Planning proposes no barrier to who lives in Exclusive Sydney Enclaves

NSW  Planning proposes no barrier to who lives in Exclusive Sydney Enclaves

COUGH … cough … choke ….

How credible is this coming from NSW INC Planning?

FOR almost a decade now we have been subjected to Developers controlling the Federal Liberal Coalition, and rewriting policies of the ‘divide’.  With the 100% overseas sell-off of ‘new homes’, and enhanced foreign competition for Australian housing esp from the UHNW and HNW from China …

Together with the shelving of the second tranche of the Anti-money laundering laws for the Real Estate Gatekeepers for more than a decade … followed by an exemption for them in October 2018 by the Morrison Government

Even though the Real Estate Tour Migration is now negligible that money laundering exemption remains …

Does NSW INC believe we will swallow this ‘new benevolence’?  With the spinmeisters turning and twisting to make it read like this state government cares for its poorer constituents having forced them out of public housing … made many public servants redundant … and bulldozed communities for high-rise, toll roads, tunnels and stacks … ?

IS this the ‘Developers’ SIXTH TRANCHE?

Has this piece been put together now that they have read the reports from ACOSS, and others … have the Mob yet another spin on ‘social/public housing’ and affordable housing to fast-track ‘Build-to-Rent, Co-housing, Boarding Houses’ cheap, higher density housing all across Sydney … esp. for young Australians locked out to become life-long tenants?

Looks like the next chapter in overdevelopment will be supported by the disgruntled ‘Investor Class’ having lost out to Covid-19 are seeking to make a motza with investment in Build to Rent, Co-housing and boarding houses.  It appears it matters not to them that money launderers own so much of this Nation’s real estate;  that a whole Cohort of Australians have been locked out of home ownership … are these Australians there for the uptake to ensure their investor lifestyle?

It matters not to them that the money launderers may have property back home in high-rise precincts … that they can come to Australia to buy homes here increasing CO2 emissions

Will this mean the mob can come in and bulldoze our low-rise suburban streets for developments housing 28 people or more where there were 4 or 5? 

P.S. … NSW INC subsidises developers to sell ‘boarding houses’ after a mere 18 months as flat developments …

P.P.S.  Scattered across Sydney we still have workers cottages alongside mansions from Watson’s Bay to Riverstone … it’s not new … we had it all!

READ MORE!   https://bit.ly/31u1YQ6

IS there more to the new Building Reforms … than meets the eye?

THE NSW Building Commissioner will be able to issue stop work orders, order developers to rectify defective buildings and stop occupation certificates from being issued.

With three goals …

-the first to focus on the accreditation regime for designers

-the second to give insurers the confidence to ensure the work

-the third decennial liability insurance with 10 years coverage for defects for consumers

The new legislation has been described as complicated however, when companies contravene the legislation the directors and any involved in company management can be personally liable!  This may also be retrospective!

IT would seem due to community-wide awareness of the shoddy work of this Sector … with the word having gotten around … across the Globe … and the consequent pull-back that the TaskForce had to concede somewhat … and it could be this is as far as they have let the Commissioner get to …

Read more!

https://bit.ly/3gm4OLm

No photo description available.
CAAN Photo: development underway in Lindfield.

FIFTH TRANCHE to be Fast-Tracked for Assessment by NSW Government

$3bN worth of 10 ‘shovel ready’ projects! 

Including:

$2.4 billion Sydney Gateway project tops a list of 10 projects in the NSW government’s fifth tranche of projects to be fast-tracked for assessment.

Also included are:

Charter Hall’s 157,000 sq m Light Horse Interchange Business Hub

-a hand sanitiser factory by Shoalhaven Starches

-a digital technology hub at TAFE Meadowbank

The Parramatta CBD:

-the fast-tracked assessment of $178 million plans by Dyldam for a 430-apartment high-rise at 87 Church Street.

WSA:

– 5 employment and environmental precincts incl. the Aerotropolis Core, Badgerys Creek, Northern Gateway and Agribusiness and Wianamatta-South Creek.

Priority is to be given to those exhibiting public benefit and ability to create jobs;  to transport infrastructure and green infrastructure, public spaces and social and services infrastructure

READ MORE!

https://bit.ly/2Ywqb6B

Artist's impression – view of the proposed Multi Trades and Digital Technology Hub looking North West on See Street

Artist’s impression – view of the proposed Multi-Trades and Digital Technology Hub looking North West on See Street