Lawyer Monthly Magazine - May 2019 Edition

MAY 2019 28 Expert Insight What is the connection between money laundering and the property market? The laundering of illicit funds through real estate is an established money laundering method in Australia. Studies have shown that criminals may be drawn to money laundering through real estate due to the fact that it is relatively uncomplicated and requires little expertise. Furthermore, real estate can be bought using cash, true ownership can be disguised, and property is a secure investment with good potential to increase in value. What are some of the most common methods of money laundering through real estate in Australia? Case studies have revealed that criminals may buy real estate using a third party 1 or family member as the legal owner. Property is either purchased on their behalf, or proceeds of crime are deposited into their bank account tomake thepurchase. This method allows criminals to avoid direct involvement in the money laundering process. Loans and mortgages 2 can also be used as a cover for laundering proceeds of crime, MONEY LAUNDERING Are Regulators Struggling to Tackle Money Laundering? Contact Dennis Miralis, Partner Nyman Gibson Miralis Level 9, 299 Elizabeth Street, Sydney NSW 2000 Tel: +61 2 9264 8884 Fax: 9264 9797 Mob: 0414 933 168 ngm.com.au Dennis Miralis Dennis Miralis is a leading Australian defence lawyer who practices in the following areas of complex domestic and international criminal law; white-collar and corporate crime; bribery and corruption; cybercrime; money laundering; seri- ous fraud; worldwide asset forfeiture; transnational crime; extradition; Interpol Red Notices; anti-terror- ism law; national security law and encryption law. He appears in all courts throughout Australia and regularly travels outside of Australia to advise in complex international criminal law matters. Awhopping USD 800 billion to USD 2 trillion is predicted to be laundered every year, globally. And even though the gap between the two figures is vast, it goes to show how governments and authorities struggle to handle such a crime. Money laundering is often associated with drugs or gang-related crime, and often, something as mundane as real estate or business transactions are hiding the culprits. Reconnecting with Dennis Miralis this month, we discuss international money laundering through Australian real estate. How easy is it and what can be done to tackle the issue?