Australia leads the world in selling housing to money-launderers

A new Transparency International report ranks the world's most superheated urban property markets to find the most corrupt and finds that Australia is a playground for offshore criminals looking to launder their money, because "real estate agents are not subject to the provisions of the Anti-Money Laundering and CounterTerrorism Financing Act 2006," thus, "70 per cent of Chinese buyers pay in cash and they represent the largest proportion of foreign purchases in the country." Read the rest