According to Federal Attorney-General Mark Dreyfus, real estate has become the primary asset used by money laundering criminals in Australia in recent years.
During a speech at the National Press Club of Australia on July 9, Mr. Dreyfus highlighted the seriousness of money laundering crimes across the nation.
He stated, “Australia is at serious risk of exploitation by criminals seeking to launder illicit funds.”
Over the past four years, the Commonwealth Director of Public Prosecutions has obtained over 240 convictions for money laundering offenses, emphasizing the prevalence of this criminal activity.
The Criminal Assets Confiscation Taskforce, under the Australian Federal Police, confiscated approximately $352 million worth of assets from money laundering criminals in 2023, a substantial increase from the previous year.
Related Stories
Mr. Dreyfus expressed concern about criminal organizations using real estate as a means to launder money, with 65% of seized assets linked to this sector.
He noted, “We know the laundering of large sums through real estate, both residential and commercial, is a well-established method of money laundering in Australia.”
In addition to real estate, criminals utilize various legal channels such as cash, luxury goods, domestic banks, casinos, and remittance services to launder funds in Australia.
Although a significant amount of illegal funds are laundered through real estate annually, Mr. Dreyfus emphasized that there is no direct evidence linking money laundering to rising property prices.
Drug Offences Are the Largest Source of Money Laundered in Australia
Brendan Thomas, CEO of the Australian Transaction Reports and Analysis Centre, revealed that drug offenses constitute the most significant source of laundered money in the country.
He highlighted, “The Australian domestic drug market’s value is at least $12.4 billion annually, requiring laundering through the economy each year.”
Mr. Thomas also raised concerns about the ties between Australia’s illicit drug markets and criminal organizations in Asia, amplifying money laundering risks in the country.
Additional sources of money laundering include tax and revenue crimes, government-funded program fraud, proceeds from illicit tobacco sales, and global scam profits.
Mr. Thomas concluded, “Fraud against the Australian taxation system is a significant contributor to laundered funds in the country, potentially exceeding a billion dollars annually.”
Source link
