FED: Prove it or lose it: crackdown on illegitimate wealth
21 May 2009 1:11 AM
Subject: FED: Prove it or lose it: crackdown on illegitimate wealth FED: Prove it or lose it: crackdown on illegitimate wealth
The unexplained wealth and extravagant toys of organised crime bosses could be seized .. if draft legislation is recommended by a federal parliamentary committee.
Ferraris .. yachts and waterfront mansions could become government property .. if their owners fail to prove their assets were paid for with legitimate funds.
Committee chair Labor Senator STEVE HUTCHINS has told The Australian newspaper .. similar laws in Ireland .. South Africa and the Northern Territory have yielded substantial results.
The parliamentary joint committee examining organised crime legislation is expected to recommend the "unexplained wealth" laws be adopted.
AAP RTV vpm/tm =0A
FED: Prove it or lose it: crackdown on illegitimate wealth