There is a big black and frankly rather whiffy hole in Australian real estate, created by the suspicion the sector is a honey pot for money laundering and other criminal activity. After all, we have deliberately failed to implement the recommendations from earlier reviews, and of course the question we need to ask is WHY?
In a nut shell, Senators have been told money laundering could further push up surging house prices, but real estate lobbyists have warned counterattack measures could also shake the market.
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Today’s post is brought to you by Ribbon Property Consultants.
AUSTRAC has ordered the appointment of an external auditor to examine ongoing concerns in regard to PayPal Australia’s compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the AML/CTF Act).
These concerns relate to PayPal Australia’s compliance with its
International Funds Transfer Instruction reporting obligations, which
require regulated entities to report the transfer of funds or property
to or from Australia.
International Funds Transfer Instructions reported by the financial
services sector provide AUSTRAC with vital intelligence that enables
AUSTRAC and its partners to combat serious crimes such as child sex
exploitation.
AUSTRAC Chief Executive Officer, Nicole Rose PSM said the AML/CTF
regime is in place to protect businesses, the financial system and the
Australian community from criminal threats.
“Regulated businesses like PayPal Australia, who facilitate payments
and transactions for millions of Australian customers every year, play a
critical role in helping AUSTRAC and our law enforcement partners stop
the movement of money to criminals and terrorists,” Ms Rose said.
“PayPal is an important partner in the fight against crime. However,
when we suspect non-compliance AUSTRAC will take action to protect the
Australian community.”
The external auditor must report to AUSTRAC within 120 days of being
appointed and will examine PayPal Australia’s compliance with its:
AML/CTF Program obligations
International Funds Transfer Instruction (IFTI) reporting obligations
Record keeping obligations.
The outcomes of the audit will assist PayPal with its compliance, but
also inform AUSTRAC whether any further regulatory action is required.
“We will continue to work closely with PayPal during this process to address any compliance concerns,” Ms Rose said.
The extent of the auditor’s examination is determined by AUSTRAC and will be at PayPal Australia’s expense.
