There's an A-focused alphabet soup of regulators to satisfy – ASIC, APRA, ACCC, AUSTRAC – oversight bodies like AFCA and BCCC, and then pesky journalists writing about when things don't go well.
This is what the Australian Federal Police allege had been going on for years, casting a fresh spotlight on a potential gaping hole in Australia's anti-money-laundering monitoring — real estate agents, lawyers and accountants, none of whom are obliged to report suspicious transactions.
In this case, the police allege the syndicate used "multiple jurisdictions by multiple means", including exploiting daigous , casino junkets and an informal transfer system outside of conventional banking.
Brilliant job guys keep it up . I often drive through the Gold Coast looking at the rows of million dollar yachts and multi million dollar units and remark how the hell do they all do it .?
Yep. Chinese screwing up the real estate market at every level. EVERY LEVEL❗️
Time to shut down property loopholes. People have been asking for it for years but politicians refuse to act. Look at the social consequences all across Australia? Look what this has done?
No wonder why the every day Australian can’t buy property. Why do they have to come here and buy all the houses.
This is badly written. I had to re read every paragraph. Get real journalists!
It would be racist to crack down on money-laundering. We need 300,000 new Chinese economic migrants each year so Australian homes remain scarce and overpriced.
Some good reporting here although there is no mention of the nationality of the the criminals. Even Canada has better restrictions on foreign land ownership.
what happened to the FIRB
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