(ed:..this is about australia but is also about new zealand – esp. auckland..)
Australia leads the world in selling housing to money-launderers.
A new Transparency International report ranks the world’s most superheated urban property markets to find the most corrupt and finds that Australia is a playground for offshore criminals looking to launder their money – because ‘real estate agents are not subject to the provisions of the Anti-Money Laundering and CounterTerrorism Financing Act 2006′ thus ’70 per cent of Chinese buyers pay in cash and they represent the largest proportion of foreign purchases in the country’.
Australia – like many developed nations – is gripped by urban housing crises created by the need to exfiltrate criminal proceeds from autocratic regimes – often this money is taken in with the tacit approval of the state but any funds left within the nation’s borders is liable to seizure at the whim of some local tyrant – so smart crooks get their money out as soon as they can.