Australia needs to tighten safeguards against money laundering in its booming property market, which has attracted Chinese funds with likely links to corruption, an international anti-money laundering body said in a report released late on Tuesday.
The intergovernmental Financial Action Task Force said real estate agents and lawyers have been identified as a high money laundering risk in Australia, where regulations do not require them to report suspicious transactions.
The Paris-based group recommended that Australia widen its efforts, instead of only focusing on drugs, fraud and tax evasion.
"Australia is seen as an attractive destination for foreign proceeds, particularly corruption-related proceeds flowing into real estate, from the Asia-Pacific region," FATF said in its year-long review of Australia.
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