Australia’s fame as an moral place to do enterprise is being broken by its lack of motion over cash laundering. In a single 12 months AUSTRAC estimates there have been round $1 billion value of suspicious actual property transactions, however a scarcity of reporting necessities imply no-one is aware of how massive the issue actually is.
AUSTRAC says channelling proceeds of crime by means of actual property is a longtime technique of cash laundering and Transparency International rated Australia as having deficits in all 10 out of 10 areas reviewed in its 2017 cash laundering report. Global regulator, the Financial Action Taskforce additionally discovered Australian houses are a haven for laundered funds. It has positioned Australia on a watch listing for failing to adjust to cash laundering and terrorism financing reforms.
One of the central issues is that actual property brokers, accountants and legal professionals in Australia don’t should report suspicious exercise, not like in different nations.
All thought of some Australian houses might be seen extra like massive washing machines cleansing out soiled cash than household houses.
While the Australian authorities has carried out little or no to fight this problem of cash laundering, different nations comparable to China have been taking motion to forestall funds leaving their shores.
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