The federal government is cracking down on the flow of dirty money into Australia's housing market. New laws will require real estate agents, lawyers and accountants to report suspicious transactions, which means wannabe homeowners won't have to compete with drug dealers, foreign criminals or corrupt officials when purchasing a property. The financial crimes regulator AUSTRAC will get $166.4 million in the Federal Budget to help affected professions abide by the new laws. The so-called "Tranche 2" laws will bring Australia into line with similar nations and stem the process of criminals converting illegal profits into money that looks legitimate.
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