Kelly O’Dwyer looks at fining estate agents, lawyers and accountants under new FIRB rules

Posted on September 16, 2014 by | 1 Comment

Despite clear rules and clear prohibitions, the Foreign Investment Review Board had failed to enforce laws restricting investment in real estate by foreign investors, Kelly O’Dwyer maintains.

The prominent Coalition MP Kelly O’Dwyer, currently chairing a federal inquiry into housing affordability and foreign ownership, told 2GB Money News the FIRB had been “asleep at the wheel.”

“There has been not one prosecution since 2006,” she told 2GB’s Ross Greenwood, adding to earlier comments made at forum hosted by Bloomberg News in Sydney on Tuesday.

O’Dwyer, who is due to provide the report with recommendations to Treasurer Joe Hockey in October, says the committee is looking at stiffer and wider penalties for non-compliance.

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