The government is finally putting plans in place to extend anti-money laundering rules to the property industry to stop dodgy deals being done by Chinese citizens paying in cash to buy Australian property.
Last year alone AUSTRAC, the money laundering watchdog, tracked more than $3 BILLION worth of suspect transactions done by Chinese investors, including $1bn in property deals.
A 40-page report from the Australian Transaction Reports and Analysis Centre highlights the issue.
“There is clear evidence that such investment in Australian property is also an easy and convenient way to hide hundreds of millions of dollars from criminal investigators, tax authorities or others tracking criminal behaviour and the proceeds of crime.”
“In Australia, 70 per cent of Chinese buyers pay in cash and they represent the largest proportion of foreign purchases in the country.”
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