Real estate’s $11 billion shame
Get ahead of the criminals targeting your conveyancing business by understanding the threats you face before it’s too late.
The financial crimes regulator will not hesitate in pursuing businesses who breach tough new anti-money laundering rules.
Senate inquiry has made eight recommendations about AML regulations for lawyers and conveyancers - including bringing forward enforcement for some offences.
An anti-money laundering regime that will cost the property industry $2 billion a year will hurt small businesses and Australians buying and selling property.
Conveyancers, lawyers and real estate agents will have to stump an extra $11 billion over a decade, according to Shadow Government Services Minister Paul Fletcher.
Conveyancers must avoid generic anti-money laundering compliance programs when new rules are in force, AUSTRAC is warning as it rolls out new guidance.
Of the $1.1 billion of criminals’ assets seized by AFP between July 2019 and June 2024, more than $720 million involved real estate. Now federal authorities are working to close the gap and pushing lawyers and conveyancers to fall in line.
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