{"id":35532,"date":"2021-11-10T08:09:31","date_gmt":"2021-11-09T19:09:31","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=35532"},"modified":"2021-11-10T08:09:31","modified_gmt":"2021-11-09T19:09:31","slug":"money-laundering-in-property-locking-out-australians-from-owning-homes","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/money-laundering-in-property-locking-out-australians-from-owning-homes\/","title":{"rendered":"Money laundering in property locking out Australians from owning homes"},"content":{"rendered":"

PHOTO: An anti-money laundering expert has told a senate inquiry the flow of illicit money into Australia\u2019s property market could be driving up prices.<\/span>\u00a0Photograph: Bloomberg\/Getty Images<\/strong><\/p>\n

Australia<\/a> now \u2018destination of choice\u2019 for flow of illicit funds, anti-corruption expert says<\/p>\n

Weak and outdated laws are allowing widespread money laundering in the property sector, making Australia a \u201cdestination of choice\u201d for illicit funds and \u201clocking many Australians out of owning their own homes\u201d, a Senate inquiry has been told.<\/p>\n

The\u00a0Senate is probing\u00a0the strength of Australia\u2019s\u00a0money-laundering\u00a0and counter-terrorism financing laws, and heard on Tuesday from anti-corruption group Transparency International Australia and its director, former Austrac general counsel Russell Wilson.<\/p>\n

\"Fergs<\/a><\/p>\n

Transparency International Australia\u2019s chief executive, Serena Lillywhite, said Australia had become the \u201cdestination of choice\u201d for the flow of illicit funds, particularly for \u201ccorruption-related proceeds, which too often do end up in the property market\u201d.<\/p>\n

The group provided a list of 10 publicly-reported examples showing money laundering in the property market, from Sudan, China, Malaysia, Papua New Guinea, and Russia. The examples described money laundering in property by Sudanese generals, Malaysian bankers, PNG\u2019s political elite, and Chinese high-rollers.<\/p>\n

Lillywhite said Australia\u2019s weak anti-money laundering regime, flaws with the corporate registry, and the lack of a beneficial ownership register all contributed to the problem.<\/p>\n

\u201cMoney laundering is not a faceless crime… it has devastating impacts, both in Australia and overseas,\u201d she said. \u201cIt can reasonably be argued that it is driving up property prices in Australia and locking many Australians out of owning their own home.\u201d<\/p>\n

Australia\u2019s\u00a0anti-money laundering\u00a0and counter-terrorism financing laws have remained largely the same since they were introduced in 2006. A promised second tranche of reforms is yet to materialise.<\/p>\n

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