For years, Chinese authorities have loomed large over attempts to move money out of the country. Now Australian agencies are becoming equally aggressive.
Tokyo | For years, Chinese authorities have loomed large over attempts to move money out of the country, with an endless crackdown on efforts to get cash out and into Australian real estate and bank accounts.
Now there’s another consideration – an equally aggressive push from Australian officials who worry that money is flowing into the country through fraudulent mortgage applications, often made with the help of networks of accountants, brokers and investment professionals.
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This type of fraud targets the supply chain and accounts payable departments of businesses.
Invoice Manipulation: Criminals intercept a legitimate invoice between a supplier and a client and change the banking details to their own. The client pays the bill thinking they are paying their trusted vendor.
Kickbacks and Bribery: A vendor secretly pays an employee of the purchasing company to ensure their bid is successful or to overlook inflated pricing.
