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ANALYSIS: Australia staying off FATF’s grey list – here’s what its new AML measures mean for real estate professionals

GREY LIST FEARS: The Australian Attorney General said real estate is a focus as Sydney is seen as “an attractive destination for the investment of foreign proceeds of crime in real estate”. “Real estate professionals are the front door to buying and selling property [and] real property makes up more than 65% of confiscated proceeds of crime in Australia,” the AG said. Our file photo shows the Sydney Opera House.

By PAUL O’DONOGHUE, Senior Correspondent DUE to various gaps in its AML measures, Australia risks becoming one of the wealthiest and most developed jurisdictions in the world to land on the FATF’s “grey list”. Being put on the list can have a major impact, such as by restricting international transactions, leading to difficulties for a…

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