Australia property sector needs money laundering safeguards -report

April 22, 2015 4:09 AM

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SYDNEY, April 22 (Reuters) - Australia needs to tighten safeguards against money laundering in its booming property market, which has attracted Chinese funds with likely links to corruption, an international anti-money laundering body said in a report released late on Tuesday.

The intergovernmental Financial Action Task Force said real estate agents and lawyers have been identified as a high money laundering risk in Australia, where regulations do not require them to report suspicious transactions.

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