REAL ESTATE AGENTS – AUSTRALIA – REGULATION

Labor to crack down on dirty money for homes

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Original article by Campbell Kwan
The Australian Financial Review – Page: 31 & 32 : 7-May-24

The federal government is set to expand money-laundering reporting obligation laws to cover real estate agents, lawyers and accountants, with the potential that 100,000 extra entities will have reporting obligations if the legislation is passed. However, the Real Estate Institute of Australia claims that expanding money-laundering obligations to cover real estate agents would impose an overwhelming burden on them, and that the legislation should instead expand the reporting obligations of land registry bodies. It contends that not all real estate transactions are handled by real estate agents.

CORPORATES
THE REAL ESTATE INSTITUTE OF AUSTRALIA LIMITED

Labor to crack down on dirty money for homes

roymorgansocial Leave a comment

Original article by Campbell Kwan
The Australian Financial Review – Page: 31 & 32 : 7-May-24

The federal government is set to expand money-laundering reporting obligation laws to cover real estate agents, lawyers and accountants, with the potential that 100,000 extra entities will have reporting obligations if the legislation is passed. However, the Real Estate Institute of Australia claims that expanding money-laundering obligations to cover real estate agents would impose an overwhelming burden on them, and that the legislation should instead expand the reporting obligations of land registry bodies. It contends that not all real estate transactions are handled by real estate agents.

CORPORATES
THE REAL ESTATE INSTITUTE OF AUSTRALIA LIMITED

Agents enter FIRB ‘grey area’

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Original article by Michael Bleby
The Australian Financial Review – Page: 34 : 20-Nov-15

Australian real estate agents must familiarise themselves with new foreign investment laws on residential property which come into effect in December 2015. Property lawyer John Turnbull says non-compliance could result in civil penalties of up to $A45,000 for individuals and $A225,000 for companies. Some confusion may arise from the new rules not being sufficiently clear.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, KAY AND BURTON, THE REAL ESTATE INSTITUTE OF NEW SOUTH WALES, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD