The never-ending property money laundering circus
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Australian Transaction Reports & Analysis Centre CEO Nicole Rose says Australia’s money laundering laws (AML) need to be expanded to cover ‘gatekeepers’ such as real estate agents and accountants. Australia is only one of three developed nations that has not extended its AML laws to cover the real estate, accounting and legal professions, with the other two being Canada and the US.
However, the Real Estate Institute of Australia, law firms and accountants have again pushed back, claiming that imposing AML obligations on real estate agents would be “problematic and overly burdensome”.
From The AFR:
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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