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Australians send $10 billion overseas every year, but it’s getting harder

Bank accounts of African-Australian businesses are being shut down as an “unintended consequence” of a crackdown on money laundering by major banks. For people…

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The multicultural miracle of Australia is also a $10 billion money machine, as residents support relatives abroad with payments called ‘remittances’.
Key points:

  • Australians send $10 billion annually in remittances, helping family around the world
  • Huge fines for breaching money-laundering laws has seen banks close the accounts of legitimate businesses
  • Customers now have to deal in cash and are increasingly pushed to unregistered, underground operators

That’s the amount sent overseas annually, helping…

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