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Apr 2 2017 at 7:20 PM
Updated Apr 2 2017 at 7:20 PM
Push to make lawyers, accountants report suspicions transactions
Suburbs like Sydney's Chatswood are popular with Chinese buyers. David Clare
by Aaron Patrick
Lawyers, real estate agents, accountants and tax planners can be used to launder money into property and should be forced to report suspicious transactions, according to Transparency International.
The global corruption watchdog wants the federal government to require professionals involved in property transactions to be subjected to the strict anti-money laundering rules that apply to banks and to file reports to the Australian Transaction Reports and Analysis Centre.
One of the risks it identified is the flood of cash from Chinese buyers into apartments and houses in Sydney, Melbourne and elsewhere.
"There is clear evidence that such investment in Australian property is also an easy and convenient way to hide hundreds of millions of dollars from criminal investigators, tax authorities or others tracking criminal behaviour and the proceeds of crime," the group said in a 40-page report on real estate corruption in Australia, Canada, the US and UK.
"In Australia, 70 per cent of Chinese buyers pay in cash and they represent the largest proportion of foreign purchases in the country."
READ MORE: http://www.afr.com/business/legal/push-to-make-lawyers-accountants-report-suspicions-transactions-20170402-gvbwb2
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"In Australia, 70 per cent of Chinese buyers pay in cash and they represent the largest proportion of foreign purchases in the country."
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