An Australian police report says the country’s real estate market is providing a golden opportunity to launder drug money and other profits of crime. The New South Wales Crime Commission report cites the case of one wealthy Chinese seeking property in Australia who used remittance agents rather than a regular bank in order to get a better exchange rate. But the agents in China and Australia did a deal between themselves. As a result, the Australian home bought by the wealthy Chinese was paid for with the laundered money of an Australian drug syndicate.
