Millions of dollars of ‘dirty money’ could be flowing from Cambodia into Australia, this new report by Transparency International Australia and KordaMentha has found. Regulatory gaps are making Australia an attractive destination for money laundering, including in Australia’s lucrative real estate sector.
The report by TIA and KordaMentha shows that between 2019 and 2023, 118 properties were settled by Cambodian foreign persons, worth a combined value of $110 million. In 2022 more than $516 million in total funds was transferred from Cambodia to Australia through Australian reporting entities.
Whilst much of this may be considered legitimate financial activity/investment, AUSTRAC and other law enforcement agencies have repeatedly highlighted the influx of illicit cash into Australia, particularly real estate.