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The fallout from last week’s arrest by the Australian federal Police (AFP) of nine Chinese-Australians accused of laundering an estimated $10 billion through Australian property has drawn stern condemnation from Transparency International.
Chief executive Clancy Moore claimed “this $10 billion money-laundering factory is another example of how criminals see Australia as a go-to destination for washing their dirty money in our real estate sector”.
“Our weak laws allow them to invest the proceeds of crime in our property sector, and [it] arguably contributes to higher property prices”, Moore said.
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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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