Money laundering on the Gold Coast is under attack. Source: Supplied

The landmark agreement was revealed yesterday by the Australian Transaction Reports and Analysis Centre.

It came weeks after the Gold Coast was named a money-laundering hotspot in an international crime report.

The Financial Action Task Force, a Paris-based group which fights money laundering across the world, said authorities had turned a blind eye to the Gold Coast’s problem.

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“Federal and state action is not effectively coordinated,” the report said.

“For example, while money laundering of foreign illicit proceeds through real estate is perceived to be a risk for Queensland’s Gold Coast, Queensland has no money laundering convictions for this activity.

“(The) Australian Federal Police indicated that it does not focus on this risk, believing this money laundering activity relates to state level predicates, whereas the Queensland Crime and Corruption Commission stated it does not focus on this risk as it relates to foreign money and is thus a matter for Australian Federal Police.”

Attorney-General Yvette D’Ath yesterday did not respond to questions about the damning report.

AUSTRAC, the country’s money laundering watchdog, will now be given access to Russian financial intelligence.

Attorney-General Yvette D'Ath: no comment. Source: News Corp Australia

A spokesman for the Department of Justice and Counter-Terrorism said the deal would help fight terrorism in the “Middle East, Russia and the Caribbean”.

“They set out the terms for exchanging information, with protections around confidentiality and the ways the information can be used,” he said.

“Following the money trail is an essential element of tackling serious and organised crime and international co-operation is vital in detecting and disrupting illegal operations.

“Collaboration on financial intelligence with our international partners strengthens Australia’s national security.”

Russian property agent Konstantin Panov, who runs Luxury Life on the Gold Coast, said it was impossible for realtors to know where a buyer’s money came from.

“The people who are buying the properties from us don’t tell us where their money is coming from,” he said.

“They either have the money to buy the property or they don’t.

“(This deal with Russia) could cut a few people out of the market but I’m sure we will still have enough interested parties to invest, especially with the Chinese market’s strength.

“If the money is coming from the wrong hands, it is probably a good idea.”