Australia given free rein to launder money into property

The latest scheduled review of Australia’s anti-money laundering (AML) laws by the global Financial Action Taskforce (FATF) has been cancelled, with Australia given free rein to continue laundering money through property. Via Michael West:

Most of the major international money laundering schemes that have been uncovered rely on lawyers, accountants or real estate agents.

After 13 years of empty bipartisan promises about “Tranche 2” AML/CTF laws, the deeper question needs to be asked: does Australia really have the political fortitude to dam those rivers of illicit money? Or is our economic model too precarious, and our democracy too feeble, to risk taking some juice out of the politically sacred property market?..

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