NZ extends anti-money laundering rules to capture property agents

Sydney

NEW Zealand will extend its anti-money laundering laws to cover real estate agents and other professions amid fears that the country has become a soft target for illegal fund flows that have also helped inflate the property market.

Soaring property prices have become a hot issue among the New Zealand public, and there are concerns that laundered money has fuelled the boom. The opposition Labour Party has also raised concerns about the amount of money coming from Chinese investors.