ANZ Bank says a lack of political will has seen successive Australian governments fail to extend money laundering laws to cover lawyers, real estate agents and accountants.
- Australia’s anti-money laundering law does not cover real estate agents, lawyers and accountants
- The lack of regulation makes Australia an attractive target for money launderers, says ANZ
- Real estate and law bodies have raised concerns over cost of new legislation
Australia’s hot property market is an attractive haven for criminals, with estimates that billions of dollars of dirty money is being laundered through residential property.
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Dudley House (pictured) was bought at a significantly inflated value by Malaysian officials.