Home Affairs Minister Tony Burke is cracking down on money laundering. Photo: Facebook.
Australia’s banks will now get access to immigration data so they can help the Federal Government track organised crime linked to international student accounts.
Money laundering through ‘mule’ accounts has become an increasing problem in Australia, but banks have been somewhat restricted in how they determine which accounts are bogus and being used for criminal activities.
Criminals buy or ‘rent’ legitimate bank accounts from international students and use them to transfer stolen money.
In some cases, but not all, the students are unaware what their accounts have been used for after they have returned home.
Australian Federal Police have…
