Money Laundering In The Australian Property Sector
It continues unabated despite the promises of a Labor government – money laundering in the Australian property sector. Legions of accountants, lawyers, and real estate agents gladly take overseas money from ill defined sources for property deals around Australia. The recent frenzy of high end real estate purchases from Chinese investors in Melbourne and Sydney highlights this. Australia, with its tax free status on the family home, has become a haven for those wishing to stash millions of dollars in this way. Lax laws around identifying the sources of the funds being funnelled into property investment makes this an attractive bolthole for dodgy money.
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