ATO, AUSTRAC warn Aussie realty a haven for Asian “organised crime”
Advertisement
Earlier this year, the Paris-based Financial Action Task Force (FATF) on money laundering warned that Australian residential property is a haven for international money laundering, particularly from China, and recommended that facilitators like real estate agents, lawyers and accountants be brought into the regulatory net.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) also warned earlier in the year that “laundering of illicit funds through real estate is an established money laundering method in Australia”.
The full text of this article is available to MacroBusiness subscribers
Cancel at any time through our billing provider, Stripe
About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
Advertisement