PHOTO: Real estate agents, along with lawyers and accountants, will be required to report dirty money that is used to buy property if Labor wins the federal election, media reports are suggesting.
If Labor is elected into government, shadow Treasurer Chris Bowen has undertaken to extend anti-money laundering laws to a range of professionals, including real estate agents, according to the ABC.
In an ABC Four Corners program last week, it was shown that law enforcement agencies in China called on former Australian detectives to find the proceeds of crime which may have been used by corrupt Chinese officials to buy property in Australia.
According to the ABC, criminals are known to clean dirty money by buying legitimate assets overseas, such as houses, and that Australia has long been used as a destination to do it.
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