The Turnbull Government may have quietly de-escalated the ATO monitoring regime of foreign illegal property purchases but Australian youth can at least rely on Chinese authorities to defend their interests and, increasingly, upon the banking sector as well, from the AFR:
Citigroup has a confidential blacklist of foreign currencies it will no longer accept as payment for Australian real estate from overseas borrowers because of growing concerns about fraud and possible money laundering.
Matt Wood, head of the global bank’s mortgage distribution, has written to mortgage brokers with a list of 12 currencies that it will accept and warned that all others are not negotiable.
