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Real Estate Institute responds to Attorney General’s anti-money laundering plans


The Real Estate Institute of Australia (REIA) has responded to the Attorney General’s recent address at the National Press Club regarding proposed revisions to anti-money laundering legislation.

REIA Deputy President Hannah Gill welcomed the Attorney General’s commitment to minimizing the burden on businesses as the industry approaches implementation of the Tranche 2 Gatekeeper program.

“As REIA has said on multiple occasions, the last thing we want is Australian homes falling into the hands of sophisticated criminals with legitimate buyers who are hardworking Australian families and individuals missing out,” Gill said.

However, Gill emphasized that compliance programs introduced to combat money laundering need to be based on a cost-benefit analysis.

The REIA highlighted that only $228 million in property has been seized by financial crime regulators, representing just 0.00228% of Australia’s $10 trillion residential property market.

“Introducing blanket compliance requirements on all real estate businesses appears once more to be taking a sledgehammer to a walnut,” Gill stated.

The REIA also noted that while AUSTRAC’s strategic brief identifies real estate assets as high risk, it cannot quantify the size of the problem.


Gill pointed out that the Attorney General himself acknowledged there is no evidence to substantiate that money laundering is driving house price growth.

The REIA plans to continue working with the Attorney General’s Department to develop a business-friendly compliance regime.

The Institute represents 85% of Australian real estate agencies, encompassing 46,793 businesses that employ 133,360 Australians.

The REIA’s submission to the latest anti-money laundering legislation is available, and the organization will continue to advocate on behalf of its member Real Estate Institutes.

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