Real estate has been an easy target for criminals laundering money, until now | ABC NEWS
Community Score: 50% | 2.6K views | 2w
0 community ratings: null thumbs up, null thumbs down
Criminal gangs using dirty cash to buy homes will find it harder from today because the real estate industry and others have been drafted into the fight against money laundering. So-called Tranche 2 laws mean real estate agents, conveyancers, lawyers, accountants, gem dealers and precious metal brokers must verify their customers, as banks and casinos do, bringing Australia in line with the rest of the world. They'll need to know who the customers are and where the money is coming from. AUSTRAC estimates in 2020 alone, criminals linked to China laundered $1 billion through Australian real estate. #ABCBusiness Note: In most cases, our captions are auto-generated. #ABCNEWS #ABCNEWSAustralia
Tags: Australia, abc, abc news, news, crime, crime news, money, money laundering, criminals, law, law changes, laws, australia news, australian news
More from ABC News (Australia)
- The biggest market sell-off since 'Liberation Day' | The Business | ABC NEWS — Score: 50%
- Designer Katie Perry wins trademark case against pop star | ABC NEWS — Score: 50%
- A look around the NT as residents deal with flooding emergency | ABC NEWS — Score: 50%
- Bundaberg homes inundated after Burnett River peaks | ABC News — Score: 50%
- Reindeer races in Finland draw international crowds | The World | ABC NEWS — Score: 50%
- Grave fears for Iranian footballers after Australia asylum saga | The World | ABC News — Score: 50%