January 21 2016
Australia is considering tightening its anti-money laundering regulations to include real estate agents and precious stone dealers, sources said, following red flags from a global watchdog over potential illicit cash entering the country.
While tighter regulations would not be aimed at inflows from any one country, Australian authorities are reacting following a surge of cash from wealthy Chinese buyers looking for a safe haven away from the market turmoil of their home markets.
Property has long been on Chinese buyers’ radar, but in recent months they have been snapping up Australia’s rare pink diamonds, part of an unprecedented capital outflow from China that is rattling Beijing…