Australian anti-money laundering experts have warned the country is lagging behind when it comes to combating the flow of illegal money entering the housing market.
Professor of law at Latrobe University in Melbourne, Louis de Koker said money from international drug trafficking and other crimes is flowing into the Australian housing market and potentially distorting prices for everyday Australians looking to buy a house.
Australia’s existing anti-money laundering financing laws were adopted in 2006 to force the financial services sector to make mandatory reporting of suspicious transactions to Australian Transaction Reports and Analysis Centre.