Compliance Alert, 05 May 2017
Credit Suisse is forecasting $60 billion in new Chinese investment in Australia’s housing market over the next six years, more than double the $28 billion deluge of the past six years. One question is: how much of this is “clean” money? The likely introduction of further money laundering legislation may crimp the flow of Chinese funds. More broadly, it threatens to impose enormous costs on small businesses already foundering under a mountain of compliance paperwork.
This was brought to our attention last week when a fund manager touched base and bewailed, albeit with good reason, how real estate agents were still excluded from all obligations under Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act. Continue reading “Article: The real estate industry has escaped compliance of the Anti-Money Laundering Act so far – but experts predict not for long.”
