Surge in Australian property brings in AML amelioration within ‘New South Wales’


The surge in Australian property market is now extensively used by organized crime syndicates, and this now warrants for sterner oversight over purchases.

Unwittingly, foreign buyers may end up using money generated by drug gangs. The shift of focus with Chinese buyers of real estate property in New South Wales makes regulators to focus more, considering transfer of legitimate offshore funds to Australia itself present a very low risk opportunity for organized gangs.

This is raked up in particular with seventy percent of Chinese buying property in cash, helping them to circumvent local law restricting them to move beyond fifty thousand dollars out of China per year.

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