The FBAA has been in talks with the federal government as concerns continue to rise around money being laundered in the real estate and finance industries.

FBAA chief executive Peter White told the minister for counter terrorism, Michael Keenan, that brokers play a major part in identifying suspicious customers, during talks in Canberra recently.

“The industry should be aware and concerned about these certain criminal elements because they have infiltrated our financial system and washed billions of dollars in dirty money,” he said.

“As brokers, it is our responsibility to ensure everything is above board. Terrorists and criminal gangs must not see us as easy targets.”

With figures suggesting that money laundering through the finance sector adds up to more than a billion dollars a year, Mr White has called on all brokers to keep a close eye on customers and report suspicious behaviour if they fear something does not feel right.

“There are many red flags to alert the broker which is why compliance and ongoing educational training is key,” he said

It comes after a new report by government body AUSTRAC warned of the dangers in the home

mortgage sector.

According to the report, criminals are choosing to launder money through real estate because purchases can be made in cash while disguising the ultimate owner.