Launder your money through Australian real estate!

by | Dec 24, 2021 | The West Report

The flood of black money into Australia proceeds apace, pushing up property prices, as the government dithers on its international pledge to enact money-laundering laws. Callum Foote and Michael West report.

Governments of both stripes have been hemming and hawing for 15 years over the introduction of money-laundering laws, laws which would stem the flood of black market money into Australia’s property market; laws which would finally drag this nation into line with global standards on AML-CTF (that’s the regulatory vernacular for Anti-Money Laundering and Counter Terrorism Financing).

Yet thanks to lobbying and political donations, thanks to the government’s complete failure to stand up to powerful vested interests – lawyers, accountants and property developers – we are still waiting for Tranche II, laws supposed to be enacted by 2008.

Read the full story here: https://www.michaelwest.com.au/australia-fails-to-act-on-money-laundering-loopholes/
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Michael West established michaelwest.com.au to focus on journalism of high public interest, particularly the rising power of corporations over democracy. Formerly a journalist and editor at Fairfax newspapers and a columnist at News Corp, West was appointed Adjunct Associate Professor at the University of Sydney’s School of Social and Political Sciences.

 

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