Global organisations including Transparency International and the OECD, have asserted that real estate agents should have reporting and compliance obligations pursuant to anti money laundering legislation.
Austrac has reported that a significant number of suspicious transactions from China were invested in real estate.
It is claimed that Australian real estate is being used to launder money.
In the UK real estate agents are subject to anti money laundering compliance and reporting obligations.
It is envisaged that the government will endeavour to legislate anti money laundering laws that applies to real estate agents, accountants and lawyers.
New Zealand has introduced anti money laundering legislation that will take effect later this year.