Australia must follow UK and scrap money laundering ‘golden visas’

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While tens-of-thousands of Australians were stranded abroad during the pandemic, the Morrison Government rolled out the red carpet to foreign millionaires under the controversial business innovation and investment visa schemes.

The Morrison Government in 2020 removed the requirement for people holding a business innovation and investment visa, whether permanent or provisional, to apply for a travel exemption. Accordingly, nearly 15,000 rich foreigners gained entry to the country while actual Australians were trapped offshore.

Last week, the UK Government abolished its equivalent visa scheme following widespread money laundering and fraud, especially from Russian oligarchs:

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.