Australian anti-money laundering experts have warned the country is lagging behind global standards in the developed world when it comes to combating the flow of illicit money entering the housing market.
Professor of law at Latrobe University in Melbourne, Louis de Koker told SBS News Australian real estate was a particularly attractive destination for foreign and local dirty money. For example bankers and stockbrokers who notice suspiciously large transactions of money coming from international tax havens are required to report those to the regulator for investigation.
“This is good policy and it is absolutely essential reform. It’s been noted in the international community that Australia’s laws don’t go far enough. There is an appetite in the Senate right now to get these laws through,” he said. In a statement, the Department of Home Affairs said the government had been consulting on the next phase of reform.
Who would've guessed cash flows Likely trickles down too 🤔 It could be the market force propping up the real economy 🤣