Real estate agents, lawyers in spotlight for money laundering crackdown

Real estate agents, lawyers in spotlight for money laundering crackdown

Real estate agents, lawyers and accountants used to launder the money of drug dealers and terrorist-funders will be the target of new laws to stop the flow of dirty money in Australia. Attorney-General Mark Dreyfus has announced strict reporting obligations for about 100,000 new entities. The move, which will include $165 million in new funding, has been resisted for years by real estate associations and other professional services lobby groups, who argue it would be costly and risk client confidentiality. …