Fears Over Money Laundering in Australia

From Radio New Zealand

Despite credible warnings that large volumes of illicit money leaving China are being laundered in Australia, an investigation by ABC program Four Corners has found no domestic agency is charged with identifying the true source of foreign funds.

John Schmidt, who spent five years as CEO of the Australian Transaction Reports and Analysis Centre (AUSTRAC), told the program solicitors and real estate agents should be compelled to report suspicious transactions.

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