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. The Australian Transaction Reports and Analysis Centre (AUSTRAC) also warned that “laundering of illicit funds through real estate is an established money laundering method in Australia”. This view has been supported by other notable “experts”, as revealed by Fairfax’s Michael West recently.
Today, the software firm behind a new approach to anti-money laundering using big data has confirmed that Australian real estate sector has become a hotbed for financial crime. From The AFR:
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