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this post was submitted on 24 Jan 2024
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This is the best summary I could come up with:
In a policy document from December, it announced that it would scrap it, focusing instead on creating more visas for "skilled migrants" capable "of making outsized contributions to Australia".
Bill Browder, who is widely credited as being responsible for the creation of the Magnitsky Act - a US law designed to target individuals for abuses committed overseas, has also criticised the scheme.
In 2016, a government inquiry raised concerns that it had the "potential for money laundering and other nefarious activities", while in 2022 The Australian newspaper reported that members of Cambodia's Hun Sen regime were among the bad actors who had exploited the system.
The government inquiry also found that the visas were bringing people into Australia with "less business acumen" than would have otherwise arrived, while offering tax concessions that were costing the public.
Australia now joins the UK, which scrapped a scheme offering fast-track residency to the mega rich in 2022, due to concerns about the inflow of illicit Russian money.
In 2022, an investigation discovered the visas being granted after people spent just days in the island nation, while the EU had raised concern over risks of money laundering, tax evasion and corruption.
The original article contains 470 words, the summary contains 197 words. Saved 58%. I'm a bot and I'm open source!