Real estate’s $11 billion shame
Sub-penthouse in swanky Sydney precinct confiscated as part of long-running investigation into excise fraud involving the import of alcohol.
The laws to combat money laundering through real estate are coming and professionals in the property sector need to get themselves ready to manage the change. It’s a necessary evil but it could also be costly.
Just a small percentage of the Anti-Money Laundering-related fines handed out to UK conveyancers and lawyers are for handling the proceeds of crime.
Regulator does not expect perfection on day one and recognises businesses are up against sophisticated criminals - CEO Brendan Thomas.
We’re looking at people who are making no attempt to comply with the legislation, or people who are known to us already, AUSTRAC says.
AUSTRAC’s proposed updates could cut duplication and costs by letting real estate agents rely on conveyancer due diligence.
Survey shows property professionals are still unsure about their responsibilities under looming law reforms.
The prospect of crippling costs to comply with incoming anti-money laundering laws raises questions around the way practitioners can work together.
The buildings are part of $21 million worth of assets confiscated by a multi-agency task force that includes AUSTRAC.
And for those who are in cahoots, knowingly turning a blind eye, the answer is simple: they should be jailed.
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