Guidance for industry on Chinese Investment
The Australian Government encourages legitimate investment in our property market.
China is now Australia’s biggest source country of approved foreign investment flows, mainly driven by a large increase in residential real estate approvals. The
vast majority of investors comply with the law including those from China.
A small number of individuals, however, continue to attempt to circumvent both Chinese and Australian controls around investment.
Our partnership with Australia’s financial sector is essential to detecting this type of fraud. Australia’s financial institutions are to be congratulated for the
work they do in detecting suspicious transactions such as these, and reporting them to us.
We provide guidance to help you to strengthen your internal anti- money laundering and counter-terrorism financing controls and programs, ensuring you can better protect your services from being misused.
Find out more in our media statement: http://austrac.gov.au/media/media-releases/statement-guidance-industry-chinese-investment
Case Study: International Drug importation scheme cracked
AUSTRAC information helped convict an international drug trafficker for possession of two kilograms of cocaine and heroin with a street value of up to $493,240.
We became involved after investigations by the Australian Federal Police and the Australian Border Force identified a suspect in receipt of drugs, imported into Australia through the postal system.
Our analysis showed links between drug importations and a number of international funds transfers to Brazil, Laos and Nigeria.
The individual was sentenced to 10-and-a-half year’s imprisonment for attempting to possess or possessing a border controlled drug and recklessly dealing in the proceeds of crime.
Remittance providers played an important role, by reporting suspicious matter reports and international funds transfer instructions.
Read the full case study on our online case study hub:
http://www.austrac.gov.au/case-studies/international-drug-importation-scheme-cracked-trafficker-convicted