Real estate has been an easy target for criminals laundering money, until now | ABC NEWS

Criminal gangs using dirty cash to buy homes will find it harder from today because the real estate industry and others have been drafted into the fight against money laundering.

So-called Tranche 2 laws mean real estate agents, conveyancers, lawyers, accountants, gem dealers and precious metal brokers must verify their customers, as banks and casinos do, bringing Australia in line with the rest of the world.

They'll need to know who the customers are and where the money is coming from.

AUSTRAC estimates in 2020 alone, criminals linked to China laundered $1 billion through Australian real estate.

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