Last month I reported testimony from the head of Transparency International Australia (TIA), Serena Lillywhite, to the Senate committee examining money laundering.
Ms Lillywhite claimed “Australia has become the destination of choice for illicit financial flows … which too often end up in the property market” before asking “how much evidence of money laundering in Australia will it take before the law is changed and enforcement ramped up?”.
The following day, representatives from financial crimes regulator Austrac, the Australian Federal Police and the Australian Criminal Intelligence Commission told the Senate hearing that billions is being laundered through Australia’s housing market.
