The head of Transparency International Australia (TIA), Serena Lillywhite, yesterday testified to a Senate committee on how property is used for international money laundering:
“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… [Money laundering has] “devastating impacts” for the country…
“It can reasonably be argued that it is driving up property prices in Australia and locking Australians out of owning their own home.”
