A Relic from the C5th … Who says Gladys’ Halo has not slipped?

THE ‘Court of Public Opinion’ … where does it come from? From Polls conducted by RESOLVE.  And influence from Sydney Morning Herald articles like this perhaps based on ‘Resolve’s’ Polls … “Berejiklian’s halo has not slipped, survey shows”

WHO are Resolve? 

Resolve Research, a company with strong links to the LIBERAL PARTY; founded by Mr Reed, a director of CT Group formerly Crosby Textor

Further described as a political strategy firm, a lobbying firm, providing political consultancy. And social research, corporate strategy and political polling services (for the Liberal Party) FFS!

ASK …

Where was the poll conducted?

Was it in her electorate alone?

Was it conducted with Liberal Party members?

What is the size of the sample?

Will we ever know?

‘Much of the court of public opinion thinks she simply has bad taste in boyfriends, rather than being corrupt.’

Who buys this? 

Gladys had a five year affair with Maguire … at least. She would have been in her mid 40s when this began … not a naïve young woman …

Following her high school education she spent several years studying at the campuses of the University of Sydney and NSW … well known for sex scandal ridden colleges.  At the very least Gladys would be aware!

At 23, Gladys joined the Liberal Party in 1993, and progressed to become President of the NSW Young Liberals  … Campaign Director for the State seat of Willoughby in 1999  … and worked for the Commonwealth Bank as general manager ….

ASIDE from this SMH report based on the Resolve Survey, her alleged popularity would appear to be somewhat contrary to her government record of running roughshod over much of Sydney’s communities … and this is what her ‘hardworking persona’ has meant for these communities!

Her beau Daryl engaged with developers including Chinese-owned ‘Country Garden’ that led the way for the high density high-rise precincts across Sydney with the North Ryde ‘Ryde Garden’ despite community-wide objection …

-the latest … the demolition of WILLOW GROVE!

-Heritage Windsor and the Windsor Bridge demolition to make way for sandmining (for concrete for more high-rise development)

.another community in the Hawkesbury to be impacted by the Richmond Bridge Project

raising the Warragamba Dam Wall (for overdevelopment)

Appin and the only chlamydia free Koala Colony threatened with extinction due to mass development and fencing to contain them

-widespread negative impact of WestConnex and NorthConnex across a huge swathe of Sydney; residents subject to compulsory acquisition of homes and businesses at below market ratescracking in their homes;  now privatised toll roads; costing Western Sydney residents some $6,000 per annum

Sydney light rail bill passes $3 billion; known as the ‘Light Fail’

-the Sydney Metro owned by MTR Hong Kong Consortium; closing much of our public heavy rail network

high rise high density precincts robbing low rise communities of their amenity; services all full-up!

-the heavy policing of the 12 LGAs with High Covid numbers

Gladys alleged ‘hardworking public servant persona’ put to good use to bury her major error with the ‘Ruby Princess’ when almost 2,700 passengers – some coughing and spluttering – were allowed to leave the ship at Sydney Harbour, catching trains, buses and even overseas flights to get home that led to the spread of Covid across the country!

Three days ago … ‘the leaked email revealing how Gladys Berejiklian split Sydney in TWO – forcing the west into a draconian curfew with soldiers on the streets while the east and north roamed free’

Her government ignored Dr Kerry Chant’s advice to apply the same rules across Sydney

Dr Chant told Brad Hazzard to use consistent restrictions

READ MORE!

https://www.smh.com.au/politics/nsw/berejiklian-s-halo-has-not-slipped-survey-shows-20211124-p59bop.html#comments

Links to Reports on the Senate Inquiry into the Laws, Regulators and Companies Tasked with Preventing Money Laundering Crime

‘Disappointing’: Big four banks to skip financial crime inquiry

NOVEMBER 7 2021

The Senate approved a motion by Labor Senator Deborah O’Neill in June to launch a formal inquiry into the effectiveness of laws, regulators and companies tasked with preventing financial crime. The committee has since called on a range of law enforcement, academic and industry participants to participate in two days of public hearings. ….

Senator O’Neill said major banks play a key role in defences against money laundering and terrorism financing and provide AUSTRAC with much of its intelligence.

“It is disappointing that Australia’s major banks have chosen not to appear at a Senate inquiry into the important issue of money laundering, given their prominent role in the Australian economy and involvement in several recent high-profile money laundering scandals,” Senator O’Neill said.

The major banks detailed the level of investment needed to uplift anti-money laundering (AML) processes when appearing before the economics committee in September. “It would be helpful for the inquiry to know how these upgrades are progressing, when they will be completed, how they will continue to be upgraded and how effectively they’re currently operating to prevent criminal activity and money laundering in Australia,” Senator O’Neill said.

https://www.smh.com.au/business/banking-and-finance/disappointing-big-four-banks-to-skip-financial-crime-inquiry-20211107-p596nq.html

‘Devastating impact’: Austrac warns banks against ditching crypto dealers

NOVEMBER 9 2021

“The effect of debanking of legitimate and lawful financial services businesses can increase the risks of money laundering and terrorism financing and negatively impacts Australia’s economy,” Austrac said in its statement.

“For this reason, Austrac continues to discourage the indiscriminate and widespread closure of accounts across entire financial services sectors.”

A Senate inquiry into Australia becoming a financial services hub recently heard evidence from small businesses specialising in trading cryptocurrency on the impacts of debanking – a now industry-wide practice.

*A second Senate inquiry into Australia’s anti-money laundering laws is this week hearing evidence from finance industry participants and regulators about whether to expand our transaction reporting regime to include real estate agents, accountants and lawyers.

https://www.smh.com.au/business/banking-and-finance/devastating-impact-austrac-warns-banks-against-ditching-crypto-dealers-20211109-p597b2.html

Money laundering pumps up housing bubble

NOVEMBER 9 2021

The head of Transparency International Australia, Serena Lillywhite, says money laundering creates “devastating impacts” for the country.

“Australia has become the destination of choice for illicit financial flows … which too often end up in the property market,” she told a Senate inquiry on Tuesday.

“It can reasonably be argued that it is driving up property prices in Australia and locking Australians out of owning their own home.”

Sudanese generals, Malaysian bankers, Papua New Guinea elites and Chinese high rollers were all signalled as people using the Australian property market to wash funds.

Criminals are able to use family members or other third parties with no criminal record to buy property in Australia in their name.

Australia’s financial watchdog AUSTRAC flagged in one of its analyses $1 billion of suspicious property transactions from Chinese investors, the inquiry heard.

Ms Lillywhite questioned what it would take for Australia to close loopholes being exploited by criminals to launder their money after Crown Casino was able to keep its licence despite adverse findings from a royal commission.

“How much evidence of money laundering in Australia will it take before the law is changed and enforcement ramped up?” she said.

Ms Lillywhite called for the strengthening of the financial watchdog and broadening its scope as well as the closure of legal loopholes that allow criminals to conduct business in Australia.

The hearing was told Australia’s financial markets were attractive to criminals because of the ease at which they could hide funds through the creation of trusts and shell companies.

Labor senator Deborah O’Neill said the evidence shocking, quipping that rock band AC/DC had it right.

“You can do dirty things cheaply in Australia,” she said.

“A $2 company and off you go, no one will know what’s going on.”

https://www.perthnow.com.au/politics/money-laundering-pumps-up-housing-bubble-c-4488925

Senate hearing hears Australia is lagging behind in updating its money laundering and terrorist financing laws

NOVEMBER 10 2021

AML/CTF expert Neil Jeans said there is a lack of political appetite in addressing the lagging laws.

“There has been limited action to address those weaknesses,” he said.

“We know that we have been non-compliant for the longest and we have done nothing about it.”

The committee is expected to hear from the Reserve Bank, AUSTRAC and Australian Criminal Intelligence Commission on Wednesday.

https://www.canberratimes.com.au/story/7503465/australias-a-top-destination-for-money-laundering-experts-say/?cs=14230

Russia’s shock note as crims use Aussie high-flyers for dirty cash

NOVEMBER 10 2021

Russia has revealed how Australia has ignored money laundering`, as organised crime gangs put $50b through unregulated lawyers, accountants and real estate agents.

PAYWALL:

https://www.heraldsun.com.au/subscribe/news/1/?sourceCode=HSWEB_WRE170_a_GGL&dest=https%3A%2F%2Fwww.heraldsun.com.au%2Ftruecrimeaustralia%2Forganised-transnational-crime-gangs-launder-up-to-50-billion-in-unregulated-australian-gatekeeper-professions%2Fnews-story%2F86725a10e53bcd9773c40cf4274120c1&memtype=anonymous&mode=premium&v21=dynamic-cold-test-score&V21spcbehaviour=append

-‘Of course there are examples’: Criminals laundering billions through Australian housing market

NOVEMBER 10 2021

Austrac national manager intelligence partnerships Bradley Brown said.

“The logical economic consequence of an unequal market means that if a person like you and I was competing next to a person who had illicit proceeds of crime, then it’s an unfair situation,” Mr Brown said, responding to questions from Senator O’Neill.

But allegations that home buyers were potentially competing with crime gangs came as a surprise to the real estate agents lobby group, with the REIA president, Adrian Kelly, saying he had not seen any evidence that Australian real estate was particularly vulnerable to money laundering.

“To suggest that money laundering is pushing house prices up, I’m not sure that’s something that could be substantiated,” Mr Kelly said. He added the REIA was supportive of providing information to agencies to assist in their investigations but the industry was wary of the cost impost of being formally brought within the money-laundering laws given many agencies were small businesses. *

His concerns were echoed by Liberal Senator Paul Scarr who said some of the information being sought from real estate agents could be provided by conveyancing lawyers processing transactions.

…  ‘thou doth protest too much’ … ???

Afterall it is the Real Estate Agents who engage with Buyers … whether it be locally at home inspections, with Onshore Proxies and/or Online!

The Foreign Investment Review Board (the FIRB) has facilitated foreign buying of Australian Property AND the Morrison Government has created a large number of Temporary Visas enticing foreigners to invest in our property market to gain a Permanent Resident Visa!

AND the Morrison Government exempted the Real Estate Gatekeepers from the Second Tranche of the Anti-Money Laundering Laws in October 2018! 

Those Real Estate Agencies, small businesses, appear to have never flourished so much as they have throughout 2021 with the house price hike of 21% to date in 2021!

Perhaps they could employ an administration person to investigate?

https://www.smh.com.au/business/the-economy/of-course-there-are-examples-criminals-laundering-billions-through-australian-housing-market-20211110-p597nc.html

Informer: Watch out, there are more scams about

NOVEMBER 10 2021

A Senate hearing has been told that Australia is at risk of becoming a priority destination for money laundering as our financial crime laws lag behind the rest of the world.

Labor senator Deborah O’Neill said during the hearing that money laundering was costing the economy upwards of $50 billion a year, with funds linked to drug and sex trafficking and child exploitation being legitimised domestically.

“This is quite significant for Australia as an international global citizen that we come to the party and catch up to the game,” Senator O’Neill said.

Australia might be ranked first for money launderers, but for climate policy we are ranked last.

Needless to say, these rankings aren’t something we should be proud of.

https://www.northernbeachesreview.com.au/story/7505340/watch-out-there-are-more-scams-about/

Widespread Money Laundering is contributing to Australia’s inflated Property Prices, a Senate inquiry has heard

NOVEMBER 10 2021

WITH ill-gotten cash laundered through a corporation, a business and secure in a sound investment of housing!  Extremely difficult for law enforcement to take it back!

AUSTRALIA is at the bottom … non compliant with FATF global standards along with Haiti and Madagascar

The AML Laws were implemented in 2006 Yet the Second Tranche was shelved from then until October 2018 when the Scomo Govt exempted the Real Estate Gatekeepers despite the rise of the dark web transaction exchanges using cryptocurrency!

How burdensome would it be for Agents to employ an Admin person paid $50K a year when they command Sales Commission of $30K plus for each house sale?

The ABA said the ability of banks and Australian law enforcement agencies to detect, deter and disrupt financial crime will be enhanced if the Australian regime is aligned to international standards!

NOVEMBER 11 2021

Transparency International Australia CEO Ms Lillywhite told the Committee:

“It has devastating impacts both in Australia and overseas and can be reasonably argued it is driving up property prices in Australia and locking many Australians out of owning their own home,”

While she noted:

-it would be difficult to track down records or documentation

“We know that we do have this gaping hole in our law, that does mean that Australia is a more attractive destination than others,” she said.

-TI has called for reforms to target Australia’s “weak” anti-money laundering (AML) regime and to introduce a public register of beneficial ownership

AUSTRAC reaffirmed to the committee that the “use of real estate is an established method of money laundering internationally”

-and reported criminals may also renovate and improve real estate – thereby increasing the value of their properties and potentially profiting if they sell

Australia is one of a few countries that are yet to introduce the Tranche 2 reforms to its anti-money laundering laws; including lawyers, accountants and real estate professionals

REAL ESTATE AGENCIES ARE TURNING OVER HOW MANY SALES WEEKLY?

SO if there is to be no implementation and enforcement of the Second Tranche of the AML LAWS to return our Housing Market to Our Families … it would seem that the Morrison Government ought lock out Foreign Buyers from residential property in Australia …

https://www.mortgagebusiness.com.au/breaking-news/16235-money-laundering-could-fuel-house-price-rise-government-warned

Why would the REIA Push Back Against Tranche 2 Anti-Money Laundering Laws?

https://bit.ly/3Ce9kGC

WHY would the REIA Push Back Against Tranche 2 Anti-Money Laundering Laws?

NOVEMBER 11 2021

Transparency International Australia (TI) CEO Ms Lillywhite told the SENATE Committee:

“It has devastating impacts both in Australia and overseas and can be reasonably argued it is driving up property prices in Australia and locking many Australians out of owning their own home,”

While she noted:

-it would be difficult to track down records or documentation

“We know that we do have this gaping hole in our law, that does mean that Australia is a more attractive destination than others,” she said.

TI has called for reforms to target Australia’s “weak” anti-money laundering (AML) regime and to introduce a public register of beneficial ownership

AUSTRAC reaffirmed to the committee that the “use of real estate is an established method of money laundering internationally”

-and reported criminals may also renovate and improve real estate – thereby increasing the value of their properties and potentially profiting if they sell

Australia is one of a few countries that are yet to introduce the Tranche 2 reforms to its anti-money laundering laws; including lawyers, accountants and real estate professionals

.only Australia, Haiti and Madagascar

HOWEVER the Real Estate Institute of Australia (REIA) has pushed back against the government implementing the Tranche 2 reforms.

-insisting that the changes could impose burdensome costs on 47,000-odd agencies; which could be passed on to home buyers and tenants

REIA president Adrian Kelly rejected that the cost for each Australian agency would correlate with that of New Zealand practitioners, totalling around $10,000 for Kiwi firms.

-and submitted it would be closer to $50,000 for an Australian real estate agency

The cost of an Admin Staffer annual salary for $50,000 would not be an insurmountable sum for these agencies …  

A sample sales fee (agent’s commission) at 1.8% incl GST estimate for a sale at $1.8M = $32,000 … with increased commissions for sales at $2M = $36,000 and more!

Plus marketing costs for the Vendor! Amounting to $Thousands!

REAL ESTATE AGENCIES ARE TURNING OVER HOW MANY SALES WEEKLY?

SO if there is to be no implementation and enforcement of the Second Tranche of the AML LAWS at the Behest of the REIA and the Law Council of Australia what then?

… do Our Families remain locked out of Home Ownership? Do they have to wait for their Parents to die to share in the Family Home (if lucky)?

IT is apparent the MORRISON GOVERNMENT has therefore no alternative but to lock out Foreign Buyers from residential property in Australia … so why did this government exclude the real estate gatekeepers from the second tranche in October 2018?

READ MORE!

https://www.mortgagebusiness.com.au/breaking-news/16235-money-laundering-could-fuel-house-price-rise-government-warned

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

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!

READ MORE!

https://www.smh.com.au/business/the-economy/of-course-there-are-examples-criminals-laundering-billions-through-australian-housing-market-20211110-p597nc.html

Guardian Report on Widespread Money Laundering in Our Property Market Locking Out Australians from Home Ownership

Key Points …

money laundering in Australian property market from Sudan, China, Malaysia, Papua New Guinea, and Russia

-the real estate gatekeepers are exempt from the second tranche of the AML Laws (Morrison Govt October 2018)

-and flaws with the corporate registry, and the lack of a beneficial ownership register

-the AML Laws have remained the same since 2006

-alleged  that lawyers, accountants and real estate agents were opposed to being covered by the laws due to the significant regulatory burden

BUT all that needs to be done is … an internet search to find whether there are issues associated with an individual and consulting the sanctions list on the Foreign Affairs website!

Help keep family & friends informed by sharing this article!

‘Widespread money laundering in property locking out Australians from owning homes, Senate told’

Read more!

https://www.theguardian.com/australia-news/2021/nov/09/widespread-money-laundering-in-property-locking-out-australians-from-owning-homes-senate-told

Related Article:

CAAN takes a LOOK at ‘HONG KONG Firm FAR EAST CONSORTIUM’S MORTGAGE ARM EYES Market DOWNUNDER, Acquires Stake in LOCAL NON-BANKING LENDER

Read more!

https://bit.ly/3o96ihP

Cashed-Up Foreign Buyers still seek Aussie Property; A Big Factor in House Price Hike!

CAAN looks at “Cashed-up foreign buyers still seek Australian property, but are they really to blame for price rises?”

-Is the wool being pulled over our eyes?

The latest survey from the Foreign Investment Review Board (the FIRB) indicates that ‘overseas buyers purchasing activity has hit record lows’ … falling to 7,056 this year from 40,141 in 2015-16 … hm …

Foreign buyers already have their Onshore Proxies here whose clients have been flying in … in the hundreds of thousands for two decades …

So they are already here … they are ‘Permanent Residents’

During the Pandemic could real estate agents have been dealing with these Proxies, or negotiating sales online for first home buyers (FHBs) from South-East Asia? Eh?

As revealed in a number of reports shared on CAAN Australian home buyers including FHBs appear to have been set-up (wiped out) by a number of factors including the price push from this property sector, low interest rates, government grants, and wealthy foreign cash buyers pushing up prices for a very limited supply of housing!

… much of the Australian housing stock is investor-owned

CoreLogic says international buyer demand has dropped over the past six years yet Agents tell us that there is a lot of foreign money around … it does not stretch the imagination too far to figure that with the onshore Proxy that many sales appear to be Australian …(Chinese-Australian, Indonesian-Australian, Vietnamese-Australian, Indian-Australian)  … contemplate the possibility … the likelihood that through an onshore proxy that this has concealed the extent of foreign buying of what was Australian real estate …

Are International Buyers taking over?

Through visa manipulation a ‘Permanent Resident’ can buy homes for Family members

Initially having flown into Australia as a Student to purchase ‘a new home’, and gained their PR Visa, this visa holder then seeks to bring out their family through a ‘Family Visa’ and the like …

And here it is in ‘black and white’ from this article:

‘Many first-home buyers are migrants who recently acquired their PR (permanent residency), and they are highly motivated by their new access to the government’s support packages and benefits for first-home buyers.’  

It would seem they have gained this PR Visa as family migrant members.  And their adult children can then gain access to the government’s First Home Buyer benefits.

Looks like more special treatment for ‘new residents’ that Australian Taxpayers have worked to fund over decades

This decade Australians including the Tran-Smiths have had some bad experiences.

‘A real estate agent gave us a cold shoulder at a property viewing in Hurstville but treated foreign families with a completely different attitude,’ Mrs Tran-Smith said.

Others have informed CAAN where they have noticed agents engaging warmly with Asian buyers after they were dismissed … A woman told us that on arrival at an inspection the agent scowled at her, and rudely waived her to his junior.  This agent was later seen chatting warmly with a likely old Daigou …  

So blatant!  

Later this Australian buyer said she emailed this firm for a copy of the contract and Building/Pest Report the junior agent called her, and said they have been sent … with a follow up call from this agent he crazily abused her!  What is going on?

In another instance, a couple told us that one agent repeatedly wrote in his emails that he would forward the contract and link to the Building Report.  Neither document was received. They requested he forward the documents by return email.  To no avail!

Yet after the auction he then forwarded these documents!  So what is going on?

-‘Australia is the Swiss Bank of the Asia-Pacific Region’

Of course, agents and fellow Real Estate Gatekeepers blatantly prefer foreign black money because the Morrison Government made them exempt from the Anti-Money Laundering Laws in October 2018! 

And this has inflated house prices obviously … through cash side deals

Why are Aussie properties so attractive?

Of course, international buyers including South-East Asian buyers will have an amazing sense of ‘certainty and security’ when buying our real estate … it is a win/win for them as they gain ‘Permanent Residency’ on such a purchase!  And they can then go on a real estate buying spree

The FIRB advises that foreigners can only purchase a ‘new home’ and not our established housing … who took this seriously?

… So they buy a one-bedroom apartment … gain the Permanent Resident Visa … and can then purchase a number of established homes if they so desire … or more ‘new homes’ … indeed Australia is the Swiss Bank for South-East Asians. 

Desirable Foreign Buyers

It’s as though the stable economy, the legal system and safe haven for preserving wealth and comprehensive protection for property owners has been legislated for them!

Migrants from earlier programmes tell us there were no property deals like this for them!

Wealthy Chinese especially from the mainland, Hong Kong, and Singapore, investors from Indonesia and Vietnam … with Australia being the closest developed country to Asia, are lured, obviously by our blue sky, gum trees, beautiful beaches, public schools and hospitals!  Free!

And apartment blocks built especially for them … where they have been able to buy up a whole floor … with no real competition because Australians don’t have the cash to buy a floor!  Many cannot afford an apartment!  Locked out!!

Real Estate Agent, Mr Tran says he treats all clients equally yet he specialises in selling our real estate to South-East Asian buyers … it would appear that is because many of these clients are high-end, and cashed-up obviously willing to make quick decisions with the benefits attached to such a deal!

Buyers Lives are on Hold!

Taken up with exploring listings websites … in some instances driving hundreds of Kms a week  … medical and dental appointments are cancelled … gatherings with friends and family are postponed to fit in property inspections often during the week too! 

It is exhausting as these reports reveal as prices continue to rise! 20.3% over 12 months!  

It is bizarre with much of the housing on the market defective!  Buyers so pent-up … from the torture of years of a cooked market from overseas competition …

So many homes on the market with termite muddying up into the roof timbers, water penetration in lower ground rooms, loose-fill asbestos insulation, dodgy renos, and concrete cancer in the slab. 

Where will the money come from to carry out repairs after $6,000 – $8000 monthly mortgage payments?

-Prices are still Rising because Hot Money is awash in our Real Estate Market

Apart from money launderers gaining Permanent Residency, who else benefits from the price hikes?

It appears some are lawless in this sector hiding behind low mortgage rates alleging that Australians (who have been enduring the lowest wages growth) have more household savingssome may do … agree the Morrison Government incentives pushed up prices because for years FHBs have been locked out, and were desperate to take up any offer!

Why did some of these real estate agents in January 2021 pump up prices by $200,000 with $2M houses and not the guide of $1.5M as they did weeks previously with like properties?If it were not to set this price hike in train?

IT is obvious there is much foreign ‘hot money’ awash in what was Australian real estate …

Related Article: “Cashed-up foreign buyers still seek Australian property, but are they really to blame for price rises?”

https://www.abc.net.au/news/2021-10-26/international-buyers-role-in-rising-property-prices/100565494

What lies behind the Real Scandal in the Pandora Papers?

ALAN KOHLER writes in ‘The Real Scandal in the Pandora Papers’

‘The most disturbing part of the Four Corners program this week about the PANDORA PAPERS leak was the statement by Greens Senator Peter Whish-Wilson that lobbying and donations by lawyers, accountants and real estate agents have successfully blocked any action on money laundering in Australia.

CAAN:  Sadly this is true!

HOW did this ‘Pushback’ happen?  Lobbying by the Real Estate Institute and the Law Council!   

It appears the gatekeepers dodged the responsibility by passing the buck when then President of the Real Estate Institute of Australia, Adrian Kelly said that others should also bear the regulatory burden.

“We are working with government on an approach that minimises the impact on agents because much of the information can be sought from others involved in the transaction process, including the banks and their conveying process,” he said.

When it was unlikely that funds were being transferred through the Australian Banking system, but rather through black cash, shadow banking and wire transfer of the money to an offshore bank account in a tax haven to be laundered in Casinos and Australian Real Estate!

Experts say tens of billions of dollars would have been moved from China to Australia by Chinese kleptocrats, as corrupt officials attempt to park their funds in a safe jurisdiction. 

President of the Law Council of Australia Arthur Moses, SC, said their profession was already extensively regulated by the states and territories under a comprehensive and robust regulatory system.

“The Law Council is concerned that imposing the full AML/CTF regulatory regime may create conflicts with the lawyer’s duty of confidentiality and the principle of client professional privilege, as well as increasing the cost of legal services to the community,” he said.

IS that credible?

WHY is it with the purchase of real estate there should be some difference compared to buying or selling a vehicle, why is it different?

Why is it difficult to apply laws to the purchase of real estate?

Why is that compromising a lawyer?  Why should real estate be any different to any other matter?

If there are laws governing real estate so be it.  It should not make any difference to a lawyer. If lawyers have a matter before them that involves a crime they have two choices:

-do it for their client knowing their risk

-not do it

IT was the Morrison Government that exempted the Real Estate Gatekeepers in October 2018!

Read more!

‘Real estate agents, lawyers and accountants to avoid money laundering laws’

https://www.afr.com/companies/financial-services/real-estate-agents-lawyers-and-accountants-to-avoid-money-laundering-laws-20181008-h16dcd

IN fact the second tranche of the Anti-Money Laundering Laws applicable to the Real Estate Gatekeepers (real estate agents, lawyers, and accountants ) was shelved back in 2006 … so it sat there until October 2018 when the Morrison Government exempted these gatekeepers from the AML Laws unlike the Banks!

Alan Kohler writes …. ‘ …. and both major parties apparently complying, is both sadly believable and shameful.’

The Federal Labor Party failed to implement and enforce the second tranche during its term from 2007 to 2013.  But nor did the Liberal Coalition implement the second tranche for the gatekeepers from 2013 to date 2021! 

In the lead-up to the 2019 Election in February 2019 Shadow Treasurer, Chris Bowen promised to make cross-border financial crime a pillar of Labor’s election campaign in wake of the Hayne royal commission, including pledging to reverse cuts to the Australian Federal Police and Australian Securities and Investments Commission.

Treasurer Josh Frydenberg in response also flagged additional funding in the April 2 budget for the financial regulators including ASIC, and it is understood  they were to commit additional money and staff for the Australian Transaction Reports and Analysis Centre.

Labor’s pledge came amid concerns over private-sector “bounty hunters” acting for China to recoup the proceeds of financial crime and corruption funnelled into Australia’s property market.

The Morrison government promised to pass new anti-money laundering laws in 2018, but they were yet to pass Parliament, granting lawyers, accountants and estate agents a reprieve.!!

Mr Bowen promised to go further, but the industry signalled a fight.

“The government has completely dropped the ball on money laundering reform. According to the government’s own work plan, real estate agents should already be covered by our money laundering laws. The Liberals have done nothing to progress this,” Mr Bowen said.

“The Liberals aren’t interested in prosecuting serious financial crime,” he said. “They cut funding to ASIC, they planned to cut funding to the Serious Financial Crime Taskforce and they ripped hundreds of millions of dollars out of the Australian Federal Police, who work with our partners abroad to disrupt transnational organised crime,” the shadow treasurer said.

Read more!

‘Labor to Target Lawyers Accountants Real Estate Agents’

https://www.afr.com/companies/labor-to-target-lawyers-accountants-real-estate-agents-20190224-h1bnd3

The Liberal party pursued a very dirty ‘Labor Taxes’ Campaign … AND here we are now!

With a property BOOOM that has locked out both First Home Buyers and Sellers!

Alan Kohler writes ‘Inaction on both sides’. 

Last December, the government put forward a minor amendment to the AMLTCF law and the Greens used it to put up a further amendment requiring that second tranche to be legislated by July 1 this year.

Both major parties voted against it.

PERHAPS Labor has another plan … because it was so open prior to the 2019 Election it is not now going to follow the same path … ?

In announcing Labor’s vote, Senator Kimberley Kitching said: “While we support the intent of the additional designated services proposed by the Greens, Labor does not believe this is the right way to achieve considered law reform. We are concerned about the unintended consequences of this amendment and want to make sure our counterterrorism financing laws make it harder, not easier, for money launderers or terrorist financiers.”

According to the Greens’ Treasury spokesman, Senator Nick McKim, “Australia is now one of only six countries in the world not to have included the gatekeepers within the scope of anti-money laundering and counterterrorism financing laws”.

The others are the United States, China, Madagascar, Mauritius and Mongolia.

MANY of us question what benefits are there for us with a Foreign Investment Review Board running, it appears, contrary to our interests, with so much competition, and much of it hidden, for our Property (residential, commercial and agricultural)? 

The Morrison Government in exempting the Real Estate Gatekeepers from the AML Laws has allowed this competition to flourish locking out even more Australians from owning a home in their own country as the gatekeepers prosper even more.  With Agents working buyer against buyer, and some hidden, to bid up prices as Australian buyers are left to languish on the sidelines.

DESPITE there having been all too numerous reports on money raised in China through real estate and bank loan fraud …

And the AFP has alleged the proceeds of crime have been used to purchase or develop properties in Australia

The Paris based Financial Action Taskforce (FATF) found that Australian homes are a haven for laundered funds, particularly from China.

Transparency International ranked Australia as having the weakest anti-money laundering laws in the Anglosphere; failing all 10 priority areas.

The OECD Working Group on Bribery in International Business Transactions claimed the entire ecosystem for the buying and selling property using cross-border fund flows is beyond the reach of Australian regulators!

Read more!

AFP Melbourne Tasmania Property alleged Chinese Money Laundering’

https://mobile.abc.net.au/news/2019-10-31/afp-melbourne-tasmania-property-alleged-chinese-money-laundering/11657344?pfmredir=sm

IS it any wonder that the evidence for residential buying is more sketchy? 

THE solution would be not only to implement and enforce the second tranche of the AML Laws, but to stop allowing foreign investment in Australian property!
To put a stop to onshore Proxy buyers

All these international organisations have raised concerns about the proceeds of crime driving up property prices, and pricing legitimate buyers out of the market yet the Chairman of the House of Representatives Committee on Tax and Revenue, Jason Falinski, who is currently running an inquiry into housing affordability and supply, told Alan Kohler that he thinks that’s simply not true.

WHY?  Was Jason Falinski out of the room when the Morrison Government exempted the Real Estate Gatekeepers from the second tranche of the AML Laws in October 2018?

WHAT is possibly behind Falinski’s response?  Could it be something to do with …


‘The Big Ten Donors Property Developers Ratchet up their Spending on Politicians’

https://www.michaelwest.com.au/the-big-ten-donors-property-developers-ratchet-up-their-spending-on-politicians/?fbclid=IwAR3RgQkaY8z1xBNMWoitvJOlDyk2ZTb4-pJlMm35_7PgOmxzPLV-vzCtjwA

AND so with these big Ten Donors working both sides … and Labor severely hamstrung as are we!

Bill Shorten called for a stop to political donations … but of course that was overruled by the Liberals – for obvious reasons – as they are in receipt of the large share!

‘In 2019, disclosed donations reached an all-time annual high of $5.6 million in anticipation of the Federal election. Of this, 72% or just over $4 million came from a single source, Sugolena Ptd Ltd. Sugolena’s donation was exclusively to the Federal Liberal Party.

‘The Miracle’!

That year, Sugolena was the Liberal Party’s second-biggest single donor, behind the party’s fundraising arm The Cormack Foundation.’

Sugolena, owned by property tycoon Isaac Wakil, donated a staggering $4,162,448 to the Liberals and the Liberal National Party in Queensland. Mr Wakil himself donated $32,073 to the NSW Liberals.

Read more!

‘Property Industry Donations Favour the Coalition about Eight to One AEC Figures show’

https://www.domain.com.au/news/property-industry-donations-favour-the-coalition-about-eight-to-one-aec-figures-show-927046/

BACKGROUND

Scott Morrison wrote the policy for the developer lobby group, the Property Council of Australia before entering politics …

ABC Report APRA tightens home loan rules as New Zealand’s Reserve Bank lifts interest rates

LOOKS like APRA is doing its bit

‘The increase in the interest rate buffer applies to all new borrowers, but
APRA said the impact of a higher serviceability buffer is likely to be larger
for investors
than owner-occupiers.

It said this is because, on average, investors tend to borrow at higher levels
of leverage and may have other existing debts
(to which the buffer would
also be applied).

It noted that first home buyers tend to be under-represented as a share of
borrowers borrowing a high multiple of their income
as they tend to be more
constrained by the size of their deposit.

READ MORE!

https://www.abc.net.au/news/2021-10-06/apra-tightens-home-loan-rules/100516758

BUT will the Morrison Government do its bit?

READ MORE!

How Australia has become a Haven for ‘Hot Money’ …

How Australia has become a Haven for ‘Hot Money’ …

APART from all those Aussie Homes that don’t get to be listed on Domain or RealEstate.com

where the neighbours have not seen a ‘For Sale/Auction’ Sign … but then the removalist turns up!

And home buyers and First Home Buyers wonder why there are so few homes advertised for sale?

Because it’s now been revealed … as we long suspected … that they have been sold online or through a Proxy here to High Net Worth, Ultra High Net Worth and Middle Class foreign buyers … seeking Permanent Residency in Australia for their extended family!

SO it now appears why some in the property sector have been so smug and repeatedly blaming the low interest rates and government grants alone for pushing up house prices.

EG Advisory managing director Shane Geha reckons that buyers should not hold out for the housing bubble to burst. And he predicts with dwelling prices having already increased by 20% in the past 12 months that there will be another 10% increase before year’s end!

Geha reckons that it is the Expats alone are coming back with Millions $ to settle or invest back in Australia with so much cash … and that Australians have found plenty of extra pocket money during the pandemic ... despite many on low wages … and how many thousands having lost jobs!

Published by News Corp: https://www.news.com.au/finance/real-estate/australias-property-prices-will-continue-to-rise-with-no-bubble-to-burst-expert-says/news-story/5451063177b4be140332f6ca519d9449

Sadly what more could we expect from Geha and Murdoch Family’s News Corp?

DESPITE the Four Corners programme on Sunday, 3 October 2021, ‘The Pandora Papers’!

READ this from The Saturday Paper!

‘Pandora’s Box of Tax Dodgers’

https://www.thesaturdaypaper.com.au/post/max-opray/2021/10/04/pandoras-box-tax-dodgers

‘Real Estate Corruption Exposed’

https://www.thesaturdaypaper.com.au/post/max-opray/2021/10/05/real-estate-corruption-exposed

SEARCH CAAN WEBSITE for more info about:

-the range of Visas including Family, Parent, Grandparent, Guardian etc;

-the second tranche of the Anti-Money Laundering Laws exemption for the Real Estate Gatekeepers (real estate agents, lawyers and accountants)

-buyers from Hong Kong and Singapore

CAAN WEBSITE:

https://caanhousinginequalitywithaussieslockedout.wordpress.com/

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