Real estate’s $11 billion shame
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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